Rice imports have increased sharply.

Philippines reduces rice import tax: A great opportunity for Vietnamese businesses. Vietnam has spent nearly $700 million importing rice.

According to preliminary statistics from the General Department of Customs, in the first eight months of 2024, Vietnam spent $843 million to import various types of rice, a sharp increase of 43.6% compared to the same period in 2023. With the current rate of rice imports by businesses, the import value of this commodity in 2024 is projected to reach or exceed $1 billion.

Rice imports have increased sharply (Photo: NH)

In 2023, Vietnam also spent $860 million to import rice from various countries, primarily from Cambodia and India. According to a rice production and export company, the majority of imported rice is in the lower price range, such as 25% broken rice and 100% broken rice. These types of rice are imported to be used in the production and processing of rice-based products.

Regarding the reasons for the sharp increase in rice imports, this company stated that from the middle of last year until now, the export price of Vietnamese rice has increased and remained at a high level. At some points, the price of Vietnamese rice even far exceeded that of competitors such as Thailand and Pakistan. Therefore, businesses have increased imports for production because of the price advantage.

Conversely, in the past eight months, Vietnam exported approximately 6.15 million tons of rice, earning nearly $3.85 billion. Compared to the same period last year, rice exports increased by only 5.8% in volume, but the value increased sharply by 21.7%. This is due to a significant 14.8% increase in the average export price of rice compared to the same period in 2023, reaching $625 per ton.

Accordingly, rice has become the fifth-highest-exporting agricultural product in the entire agricultural sector, ranking behind wood and wood products, seafood, fruits and vegetables, and coffee.

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

Similarly, our country's 25% broken rice is priced at $533/ton, $12/ton/ton higher than Thai and Pakistani rice, and $30/ton higher than similar rice. 100% broken rice is priced at $452/ton, $21/ton higher than Pakistani rice but $1/ton lower than the same type from Thailand.

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