Vietnam maintains its "throne" in rice exports to the Philippines market

Vietnamese rice accounted for nearly 80% of the total rice imports of the Philippines in the first 10 months of 2024 and still maintained its "throne" in rice exports to this market.

According to statistics from the Rice Import Licensing Authority of the Philippine Department of Agriculture , as of the end of October 2024, the Philippines imported a total of 3.68 million tons of rice.

Vietnam still maintains its leading position in rice exports to the Philippines market. Photo: NH

This figure is much higher than the same period in 2023 (in the 10 months of the same period in 2023, the Philippines imported 2.84 million tons of rice) and exceeds the total rice import volume of the Philippines in 2023 according to the calculation of this agency (the Rice Import Licensing Authority under the Philippine Department of Agriculture estimated the total rice import volume of the Philippines in 2023 at 3.61 million tons).

From the beginning of the year to October 24 alone, the Philippines imported 380,541.58 tons of rice, much higher than the 163,217.40 tons of rice imported in October 2023.

Vietnam still maintains its position as the "king" of rice exports to the Philippine market. As of the end of October 2024, the Philippines imported 2.91 million tons of rice from Vietnam, accounting for more than 79% of the total 3.68 million tons of rice imported by the Philippines. Thailand ranked second with 457,673.28 tons, accounting for 12.4%. Next was Pakistan with 162,369.48 tons, accounting for 4.5%, and Myanmar and India with 114,766.75 tons and 22,039.04 tons, respectively. With this growth trend, the total rice import volume of the Philippines in 2024 is forecast to be over 4 million tons, possibly reaching 4.5 million tons.

Previously, according to data from the Ministry of Agriculture and Rural Development , rice export turnover in the first 10 months of 2024 reached 4.86 billion USD - surpassing the figure of 4.67 billion USD for the whole year of 2023. Accordingly, in the first 10 months of 2024, the export value of agricultural products reached 27.38 billion USD, an increase of 25.6%. In the bright picture of the agricultural, forestry and fishery industry, rice is the name of the product.

Specifically, rice export turnover in the first 10 months of 2024 reached 4.86 billion USD - surpassing the figure of 4.67 billion USD in the whole year of 2023. Compared to the same period last year, the export value of this item increased by 23.4%. In addition, the average export price of rice in the first 10 months of 2024 is estimated at more than 626 USD/ton, an increase of 12% over the same period in 2023. This is also a record high average price compared to previous years.

Also according to the Ministry of Agriculture and Rural Development, by the end of September 2024, exports to the Philippines market increased sharply by 53.3%, the Indonesian market increased by 35.1% and the Malaysian market increased by 2.3 times compared to the same period last year.

Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development - assessed that last year Vietnam exported more than 8 million tons. This year, after only 10 months, Vietnam's rice export volume has reached 7.8 million tons. If the last two months of the year are included, Vietnam's rice export will certainly exceed the figure of 2023.

According to Mr. Phung Duc Tien, recently, India lifted the ban on rice exports and reduced export taxes, so the price of 5% broken rice from Vietnam was affected. However, the fragrant rice and high-quality rice segment of our country sold at high and stable prices. This is a good thing. With the results achieved in 10 months, rice exports reached the target of exceeding 5 billion USD.

Source: https://congthuong.vn/viet-nam-giu-vung-ngoi-vuong-xuat-khau-gao-vao-thi-truong-philippines-356207.html