Rice imports increased sharply

Philippines reduces rice import tax: Great opportunity for Vietnamese businesses Vietnam has spent nearly 700 million USD to import rice

Preliminary statistics from the General Department of Customs show that in the first 8 months of 2024, Vietnam spent 843 million USD to import rice of all kinds, a sharp increase of 43.6% over the same period in 2023. With the current rice import rate of enterprises, in 2024, the import turnover of this item is forecast to reach or exceed the 1 billion USD mark.

Rice imports increase sharply (Photo: NH)

In 2023, our country also spent 860 million USD to import rice from other countries. Mainly imported from Cambodia and India... According to a rice production and export enterprise, the amount of rice imported to our country is mainly in the low segment such as 25% broken rice and 100% broken rice. These types of rice are imported to serve the production and processing of rice products.

Regarding the reason for the sharp increase in rice imports, this enterprise said that since the middle of last year until now, Vietnam's rice export prices have increased and remained high. At some points, Vietnam's rice prices were far higher than those of its competitors, Thailand and Pakistan. Therefore, enterprises have increased imports for production because of the price advantage.

On the other hand, in the past 8 months, our country has exported about 6.15 million tons of rice, earning nearly 3.85 billion USD. Compared to the same period last year, rice exports increased only 5.8% in volume, but the value increased sharply by 21.7%. The reason is that the average export price of rice increased sharply by 14.8% compared to the same period in 2023, to 625 USD/ton.

Accordingly, rice has become the agricultural product with the 5th highest export turnover in the entire agricultural sector, after wood and wood products, seafood, vegetables, and coffee.

Data from the Vietnam Food Association also shows that on September 11, the average export price of 5% broken rice from our country was at 567 USD/ton, 2 USD/ton higher than the same type of rice from Thailand and 32 USD/ton higher than that from Pakistan.

Similarly, 25% broken rice from our country costs 533 USD/ton, 12 USD/ton and 30 USD/ton higher than Thai and Pakistani goods, respectively. 100% broken rice costs 452 USD/ton, 21 USD/ton higher than Pakistani goods but 1 USD/ton lower than the same type of Thai goods.

Source: https://congthuong.vn/nhap-khau-gao-tang-manh-345268.html