Record export, Vietnam still imports the third most rice in the world
Báo Dân trí•18/11/2024
(Dan Tri) - The US Department of Agriculture (USDA) forecasts that this year, Vietnam will import up to 3.2 million tons of rice and become the world's third largest rice importer, after the Philippines and Indonesia.
According to the latest report of the Ministry of Industry and Trade, in the past 10 months, the total volume of rice exports reached nearly 7.8 million tons with a turnover of 4.86 billion USD - the highest level in history, up 10.2% in volume and 23.4% in value compared to the same period in 2023. The average export price of rice in the 10 months reached over 626 USD/ton, up 12% over the same period last year. Vietnam's rice import markets are still traditional markets such as the Philippines, Indonesia, Malaysia and China. The Ministry of Industry and Trade assessed that due to the benefits of high prices, rice export turnover increased by double digits compared to the same period last year. Rice exports are a bright spot in the country's agricultural export picture. On the contrary, Vietnam's rice imports also increased dramatically. In the past 10 months, Vietnam imported up to 1.2 billion USD worth of rice, an increase of nearly 73% compared to the same period last year - a record high. In October alone, the amount of imported rice increased by over 200% compared to October last year. According to the November market update report, the US Department of Agriculture (USDA) forecasts that this year, Vietnam will be the third largest rice importer in the world with a record 3.2 million tons, an increase of 300,000 tons compared to the September report. This figure is behind the Philippines with 5 million tons and Indonesia with 3.7 million tons. The US Department of Agriculture forecasts that this year, Vietnam will import 3.2 million tons of rice, an increase of 300,000 tons compared to the report in September (Photo: VGP). "Vietnam's rice import forecast has been raised to a record high based on the move to increase rice purchases from Cambodia - Vietnam's main supplier. Currently, Vietnam accounts for more than 85% of Cambodia's rice exports. It is forecasted that in 2025, Vietnam will continue to import about 3.1 million tons of rice, mainly from Cambodia," said the USDA. In addition, this agency also forecasts that Vietnam's rice exports in 2025 will decrease to 7.35 million tons. To support rice exports, the Import-Export Department (Ministry of Industry and Trade) said it has been implementing trade activities, promoting Vietnamese rice products and brands, and trade promotion activities to effectively exploit the advantages of free trade agreements (FTAs). At the same time, it is implementing activities to promote Vietnamese rice, especially high-quality rice with high added value, to penetrate demanding markets and niche markets. In addition, the Import-Export Department also guided the Vietnam Food Association and rice export traders to improve their capacity to negotiate, sign and implement export contracts, update the rice export situation and support traders to handle problems when necessary.
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