Rice export prices skyrocket, opportunity to reach 5 billion USD this year

According to the Vietnam Food Association (VFA), the price of Vietnamese rice is currently increasing compared to the price of rice from Thailand and Pakistan. At the end of last week, Vietnam's 5% broken rice was traded at 575 USD/ton, 14 USD/ton higher than the same type of Thai rice, and 34 USD/ton higher than Pakistani rice.

Rice export prices increase (Illustration photo)

Similarly, Vietnam's 25% broken rice also increased to 539 USD/ton, higher than the same type of rice from Thailand and Pakistan by 27 USD/ton and 22 USD/ton, respectively. Compared to the world's top rice exporting countries, Vietnamese rice exports are at the highest price. This is also an impressive comeback of Vietnamese rice because a month ago, our country's rice export prices were lower than those of Thailand, Pakistan, and Myanmar. Notably, after winning the bid to export hundreds of thousands of tons of rice to Indonesia thanks to businesses offering low prices in June, Vietnamese rice prices have continuously dropped sharply, reaching the lowest level in the world.

According to statistics from the General Department of Customs, last July, our country exported more than 751,000 tons of rice, earning nearly 452 million USD. Compared to the previous month, rice exports increased sharply by 46.3% in volume and 39.7% in value.

In the first 7 months of 2024, our country exported nearly 5.3 million tons of rice, with an estimated value of 3.34 billion USD. The volume of exported rice increased by only 8.3% but the value increased sharply by 27.7% compared to the same period last year.

In particular, the average rice export price of our country in the first 7 months of the year reached 632 USD/ton, an increase of 18.2% over the same period in 2023.

In the coming time, the demand for rice imports will increase in most countries, so many experts and businesses predict that the market will be bustling in the last months of the year.

Specifically, Indonesia recently said it could import up to 4.5 million tons of rice instead of 3.6 million tons as announced from the beginning of 2024.

In addition to Indonesia, recently, the world's largest rice importing market, the Philippines, also forecasted an increase in rice imports from 4.2 million tons to 4.5 - 4.7 million tons in 2024. The Philippines is a traditional customer of Vietnamese rice.

The opportunity for Vietnam to increase rice exports is even greater when this August, the Philippines' policy of reducing rice import tax from the current 35% to 15% takes effect. Many businesses said that currently, customers from the Philippines and China are negotiating a lot in Vietnam to buy large contracts...

In recent times, businesses have made continuous efforts to improve product quality, diversify types of exported rice and expand new consumption markets. Meanwhile, import demand from traditional customers of Vietnam such as the Philippines, Indonesia, China, Ghana, Malaysia, Singapore... is high and increasing. In addition, rice exporting enterprises are also actively expanding to new markets such as the Middle East, Africa, South America, Korea, Japan...

The Ministry of Agriculture and Rural Development said that in 2024, Vietnam is expected to export about 7.4-8 million tons of rice, with a turnover expected to exceed 5 billion USD.

In the coming time, the Ministry of Industry and Trade will coordinate with ministries, branches and localities to review plans to effectively implement Directive No. 10/CT-TTg dated March 2, 2024 of the Prime Minister on promoting sustainable, transparent and effective production, business and export of rice; implement Directive No. 03/CT-BCT of the Ministry of Industry and Trade on promoting market development activities, trade promotion, promoting circulation and consumption of rice products in the new situation.

Source: https://congthuong.vn/gia-xuat-khau-gao-tang-vot-co-hoi-dat-5-ty-usd-trong-nam-nay-339943.html