Rice export growth highest in 10 years

In 5 months, rice exports reached 2 billion USD, up 49% over the same period last year - the highest growth rate in the same period in 10 years.

According to a recent report by the Ministry of Agriculture and Rural Development , in the first 5 months of the year, rice exports reached nearly 3.9 million tons, equivalent to 2.02 billion USD, up 40.8% in volume and 49% in value over the same period in 2022. This is also the strongest growth rate in the same period of years from 2013 to present.

In the first 4 months of the year, the Philippines was Vietnam's largest rice consumer market, reaching 1.29 million tons, equivalent to 647.5 million USD, up 40.6% in volume and 53.4% ​​in value over the same period in 2022. Among the 15 largest rice export markets, Indonesia increased its purchases 26 times over the same period last year. The average export price of rice in the first 5 months of the year reached 517 USD per ton, up 5.8% over the same period in 2022.

Farmers in Can Tho harvest winter-spring rice. Photo: Thanh Tran

Sharing with VnExpress , Mr. Nguyen Ngoc Nam - Chairman of the Vietnam Food Association, said that this year rice exports are most favorable. In particular, production has won big when the rice variety structure has many changes, high productivity. Import demand in old markets such as the Philippines, China and Malaysia has all increased sharply. Along with that, rice exports to new markets such as Indonesia and some African countries have increased dramatically. In addition, Vietnamese fragrant rice has promoted trade in niche markets and increasingly has its own position, helping the rice export picture "become more brilliant".

Vietnam has more opportunities as rice production in India and Thailand is affected by El Nino, reducing productivity. Meanwhile, the war in Russia and Ukraine has increased the demand for food reserves globally. A report by the US Department of Agriculture (USDA) shows that global rice production in the 2022-2023 crop year is forecast to reach 503 million tons, down 2% compared to the previous year and the first annual decline since the 2015-2016 crop year.

Vietnamese rice exporters also said that they have received a flood of orders over the past several months, but domestic rice supply is not enough to meet the demand.

According to the Chairman of the Vietnam Food Association, in 2022, Vietnam's rice exports will increase sharply, so the inventory for this year is very low. The rice farmers harvested in the winter-spring crop is almost completely consumed by businesses.

Therefore, the association forecasts that by the end of the year, rice exports may only reach 6.3-6.5 million tons, lower than in 2022. This year, in addition to the supply that must be retained to prepare for the next crop, a part will be used to compensate for the sharp decrease in imported rice for food processing. Currently, Indian white rice is still subject to high export taxes.

Vnexpress.net

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