Record-breaking exports in 2024, but Vietnam is the world's third largest rice importer - Photo: CHI QUOC
In its September market update report, the USDA forecast that in 2024 Vietnam will export 8.6 million tons of rice, a record number ever.
Because compared to 2023, the amount of rice exported increased by 300,000 tons compared to the previous forecast (in 2023, 8.1 million tons were exported).
Vietnam's rice exports hit a record high as the demand for rice imports to increase food reserves in major markets opens up many prospects for Vietnam's rice exports. In particular, high demand from important markets such as Indonesia and the Philippines.
On the contrary, this year Vietnam is also the country that imports the most rice in history, becoming the third largest rice importer in the world.
This stems from the fact that in recent years, Vietnamese farmers have switched to growing aromatic rice and high-quality rice for domestic use and export. Lower-grade rice is imported for production, animal feed, food processing, etc.
According to USDA data, Vietnam will have to increase rice imports from 2.6 million tons to 2.9 million tons in 2024. Vietnam will become the third largest rice importer in the world after the Philippines, with an estimated 4.7 million tons, and Indonesia with 3.8 million tons.
Previously, the Ministry of Agriculture and Rural Development announced that in the first 9 months of 2024, Vietnam imported nearly 1 billion USD worth of rice.
The Ministry also forecasts that Vietnam still has great potential to increase rice export output and value due to high global demand for rice, which means Vietnam will increase rice imports in the future.
India opens warehouses, Vietnamese 5% broken rice remains high at 537 USD/ton
After India opened its warehouses, the price of 5% broken rice in other countries dropped to below 500 USD/ton. The price of rice of the same grade in Vietnam is still the highest in the world, with a gap of 50 USD compared to other countries.
According to the Vietnam Food Association (VFA), Pakistan’s 5% broken rice is now priced at only $481 per ton, the lowest among the four main rice suppliers in the Asian market; Indian rice is down $2 from the floor price to $488 per ton. Notably, Thai rice has also dropped to $497 per ton.
Meanwhile, Vietnamese rice remains at 537 USD/ton, 56 USD higher than Pakistani rice and 40 USD/ton higher than Thai rice.
Source: https://tuoitre.vn/xuat-khau-ky-luc-chua-tung-co-nhung-viet-nam-dang-nhap-khau-gao-dung-thu-3-the-gioi-20241016094711569.htm
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