| Rice exports to China skyrocket, businesses rush to buy Rice prices today, May 11: Rice prices increase, businesses rush to place orders |
According to preliminary statistics from the General Department of Customs, in the first four months of 2023, rice exports reached nearly 2.9 million tons, worth 1.53 billion USD, up 40.7% in volume and 51.6% in value over the same period last year. In particular, in March and April alone, rice exports earned nearly 1.1 billion USD. The average export price of rice reached 526 USD/ton, up 7.6% over the same period last year.
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| Indonesia becomes Vietnam's third largest rice buyer |
Notably, while rice exports to African markets recorded negative growth, rice exports to Asian markets grew by 3 to 4 digits. Asian customers including the Philippines, China, Malaysia, Indonesia, etc. rushed to buy Vietnamese rice in large quantities.
The Philippines is still the largest customer of Vietnamese rice exports. As of the end of April 2023, the value of rice exports to this market reached 647.5 million USD, up 53.4% over the same period last year and accounting for 42.4% of the total export value.
China emerged as the second largest export market with a turnover of 292.5 million USD, up 88.2% over the same period.
Notably, Indonesia has been buying Vietnamese rice in large quantities in recent months. In just the first four months of this year, rice exports to this market earned 149 million USD, a sharp increase of 2,514% compared to the same period last year.
In 2022, rice exports to Indonesia reached only 58 million USD. This is a very modest figure in our country's total rice export turnover of 3.45 billion USD in 2022. However, with a turnover increase of 2,514% in the first 4 months of this year, Indonesia has for the first time in history become the third largest customer of Vietnamese rice, behind only the Philippines and China.
According to the Center for Digital Transformation and Agricultural Statistics ( Ministry of Agriculture and Rural Development ), in April 2023, rice export prices from Vietnam increased to the highest level in two years. Meanwhile, Thai and Indian rice prices both tended to increase until mid-month, then turned down towards the end of the month.
Accordingly, in Vietnam, the price of 5% broken rice is offered at 495 - 500 USD/ton (the highest level since April 2021), up 50 USD/ton compared to a month ago. In India, 5% broken parboiled rice is currently at 382 - 388 USD/ton, down from 385 - 392 USD/ton in mid-April 2023. In Thailand, 5% broken rice is at 480 USD/ton, down 10 USD compared to 485 - 490 USD/ton in mid-April 2023, but up 17 USD/ton compared to the average in March.
According to rice exporters, the current difficulty is not the export market, but the quality rice growing areas to have a large enough supply to export to high-end markets. In particular, rice buyers from Europe, America, ... all have high demand.
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