Rice export prices increase

The average rice export price in the first half of July increased by 12% over the same period, reaching 612.3 USD/ton.

According to the General Department of Customs, in the first half of July 2024, Vietnam exported 290,035 tons of rice worth 177 million USD, up 15% in volume and 30% in value over the same period last year. The average rice export price also increased by 12% over the same period, reaching 612.3 USD/ton.

The opportunity for rice exports to flourish in the second half of the year is huge. Recently, the Vietnam Trade Office in the Philippines said that the total rice import volume of the Philippines in 2024 could reach over 4 million tons, even up to 4.5 million tons, higher than the previous forecast.

In the Philippines, Vietnamese rice accounts for 85% of the imported rice market share, followed by Thailand with 10%. In the first 6 months of 2024, the amount of rice imported by the Philippines from Vietnam reached over 1.7 million tons, Thailand ranked second with over 352,000 tons. Therefore, the increase in rice imports from the Philippines will be a huge market opportunity for Vietnam's rice export activities in the last months of the year.

According to businesses, compared to other suppliers, Vietnam has a geographical advantage, so transportation costs are low and delivery times are short. Most importantly, the quality and price of Vietnamese rice are very suitable to the needs and tastes of the market.

However, India is now considering easing rice exports to benefit global buyers. Analysts say any decision by India to ease exports could help cool down benchmark rice prices in Asia. Competitive pressure on Vietnamese rice exporters will become even more intense, while they are still competing with other major rivals such as Thailand and Pakistan.

According to the Ministry of Agriculture and Rural Development , as of early July, localities had harvested about 388,000 hectares out of 1.46 million hectares of summer-autumn crop, with an estimated yield of 6.2 tons/hectare. Abundant supply is always a driving force to promote rice exports in the coming time.

The Ministry of Agriculture and Rural Development expects the country's rice production in 2024 to reach 43 million tons, with this output ensuring domestic consumption and export demand of about 8 million tons, and possibly earning more than 5 billion USD.

The main markets buying Vietnamese rice in the last months of the year are still the Philippines, Indonesia, China, Ghana, Malaysia, Singapore...

With current developments, rice exports in 2024 are forecast to exceed 5 billion USD.

According to PV/VTV

Source: https://doanhnghiepvn.vn/kinh-te/gia-xuat-khau-gao-tang-cao/20240722110350244