According to statistics from the General Department of Customs, in the first 9 months of 2024, the volume of exported rice reached 6.96 million tons, up 8.4% over the same period last year and the value reached 4.35 billion USD, up 23%.

Regarding the market, in the past 9 months, rice exports to ASEAN increased sharply by 32.6% compared to the same period last year, accounting for 73% of the country's total rice exports. However, rice exports to the Chinese market decreased "dizzily".

Specifically, in the past 9 months, rice exports to China only reached 241 thousand tons, earning 141.2 million USD. Compared to the same period last year, rice exports to this market decreased sharply by 72%.

Previous statistics show that for many years, China has always been a major customer of Vietnamese rice. In 2012, this country of one billion people became the largest customer, accounting for 27.5% of the total value of our country's rice exports.

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Vietnam's rice exports to China have dropped sharply to a historic low. Photo: Tam An

The value of Vietnamese rice exports to China from 2012 to 2016 remained relatively stable. In 2017, rice exports to this market increased dramatically, reaching nearly 1.03 billion USD, accounting for nearly 40% of the total rice export value.

However, the export turnover of this item to the Chinese market in 2019 unexpectedly dropped to 240.3 million USD, but quickly recovered in the following years.

With the figure of 141.2 million USD, Vietnamese rice exports to China officially "hit rock bottom" in history, when it was much lower than the turnover of 192.9 million USD in the same period in 2019.

Notably, Vietnamese rice has received more bad news, causing the price of this commodity to be forecasted to decrease significantly in the near future.

Specifically, Indonesia - the second largest customer of Vietnamese rice - recently announced the cancellation of the bidding to buy 340,000 tons of rice. Accordingly, the Indonesian agency Bulog has adjusted the content of the international bidding, wanting to invite India to participate, instead of only buying rice from Thailand, Vietnam, Cambodia, and Pakistan as in previous biddings.

Meanwhile, the US Department of Agriculture also forecasts that India's rice exports in 2025 will be raised to 3 million tons, up to 21 million tons, and that Brazil, Pakistan, Thailand and Vietnam's rice exports will be lowered compared to before.

With India's move to lift the rice export ban and reduce the export tax on brown rice and parboiled rice from 20% to 10%, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department ( Ministry of Industry and Trade ), acknowledged that this will certainly affect our country's export prices. Therefore, businesses and associations need to closely monitor to avoid being passive.

Mr. Hai also emphasized that the agricultural sector is implementing a policy of shifting to producing high-quality rice and rice with special characteristics such as fragrant rice. This helps Vietnam diversify its products, avoid "collisions" with exported Indian rice and limit the possibility of being affected.

Data from the Vietnam Food Association showed that the export price of 5% broken rice from Vietnam on October 24 decreased to 531 USD/ton, 25% broken rice was priced at 503 USD/ton and 100% broken rice was at 432 USD/ton.

In September, Vietnam's average rice export price was at 609 USD/ton - the lowest level in the past year, and also the first month in 2024 to record negative export price growth compared to the same period in 2023.

However, in the first 9 months of 2024, the average export price of rice of our country still reached 624 USD/ton, an increase of 13.1% over the same period last year.

Chinese people love durian from the flesh to the shell, Vietnam makes a fortune of 2.66 billion USD China is the world's largest durian consumer market. People in this billion-people country love durian so much that they eat it from the flesh to the shell. Thanks to that, Vietnam made a fortune of 2.66 billion USD in just 9 months.