RICE EXPORTS EXCEED 4 BILLION USD

By mid-September 2024, Vietnam has exported nearly 6.5 million tons of rice, worth 4.06 billion USD.

Statistics from the General Department of Customs show that, by mid-September, Vietnam has exported nearly 6.5 million tons of rice of all kinds, worth 4.06 billion USD. Compared to the same period last year, rice exports increased slightly by 6% in volume and sharply by 21% in value. The main reason is that the export price this year increased sharply over the same period last year. Vietnam’s rice import markets remain traditional markets such as the Philippines, Indonesia, Malaysia, and China.

In particular, the largest importer, the Philippines, spent nearly 1.72 billion USD to buy 2.81 million tons of Vietnamese rice in 8 months. Compared to the same period last year, Vietnam’s rice exports to this market increased by 20% in volume and 40% in value.

By mid-September, Vietnam exported nearly 6.5 million tons of rice, worth 4.06 billion USD.

Indonesia has also increased its purchases of Vietnamese rice since last year. In 8 months, this country bought nearly 913,900 tons of rice from Vietnam, equivalent to 557.8 million USD. Exports of Vietnamese rice to Indonesia increased by 27% in volume and 54% in value compared to the same period in 2023.

Similarly, Vietnam exported nearly 582,900 tons of rice to Malaysia, worth 345.9 million USD. Rice exports to this market increased by 112% in volume and nearly 153% in value compared to the same period last year. Meanwhile, rice exports to China reached 234,272 tons, worth 37.2 million USD.

Thus, Malaysia has surpassed China and become the third-largest rice importer of Vietnam.

Regarding the average export price, according to data of the Vietnam Food Association on September 11, 2024, the price of 5% broken rice reached 567 USD/ton, 2 USD/ton higher than that of Thailand and 32 USD/ton higher than that of Pakistan.

In terms of 25% broken rice, the average export price reached 533 USD/ton, 15 USD/ton higher than that of Thailand and 30 USD/ton higher than Pakistani rice.

Mr. Do Ha Nam, Vice Chairman of the Vietnam Food Association, said that it is not easy to make a forecast on the price of rice exports. However, rice export prices are not likely to decrease in the coming time. Mr. Nam said that the amount of rice for export from now to the end of the year is not much. Meanwhile, the Philippines is expected to import about 1 million tons of rice from Vietnam.