In the past 5 months, the price of exported rice has increased by 20.5%.

According to preliminary statistics from the General Department of Customs, as of the end of May 2024, Vietnam exported nearly 4.03 million tons of rice, earning 2.56 billion USD. Compared to the same period last year, rice exports increased by only 11.2% in volume but by as much as 33.6% in value.

In the past 5 months, the price of exported rice has increased by 20.5%.

Despite a sharp drop in export rice prices in recent days, the average price in the first five months of this year still reached 638 USD/ton, an increase of 20.5% compared to the same period last year.

Over the past five months, rice exports to most major markets have shown positive growth. Notably, the Philippines and Indonesia are the two largest customers for Vietnamese rice in Southeast Asia.

Specifically, Vietnam exported over 1.83 million tons of rice to the Philippines, valued at more than US$1.14 billion, an increase of 19.6% in volume and 47.8% in value compared to the same period last year. Accordingly, the Philippines continues to be Vietnam's largest rice customer in the past five months.

Similarly, rice exports to Indonesia continued to boom, reaching 676.8 thousand tons and generating $424.1 million in revenue. Compared to the same period last year, Vietnam's rice exports to this market increased sharply by 83.4% in volume and 133.8% in value.

Currently, rice exports to the Philippines and Indonesia account for 61% of the total value of rice exports from our country.

Recently, the Philippine government approved a reduction in import tariffs on rice from 35% to 15% for both in-quota and out-of-quota rice until 2028.

The decision aims to lower rice prices and make them more affordable for the majority of people, especially the poor in the Philippines. This tax also encourages importers to bring in more rice from the world market.

Mr. Pham Thai Binh, Vice Chairman of the Board of Directors of Trung An High-Tech Agriculture Joint Stock Company, believes that with the Philippines' tax reduction policy, consumers in that country will be the first to benefit. This is because importers who pay high taxes will be able to sell rice at higher prices, and vice versa.

As for Vietnam, the aforementioned tax reduction could help businesses sell rice at higher prices, especially as global supply tends to become scarcer. If Vietnamese businesses raise the selling price of rice by an additional 10-20 USD/ton, the import cost for the Philippines would still be lower than when the 35% tax was applied.

Source: https://congthuong.vn/5-thang-gia-gao-xuat-khau-tang-205-325884.html