According to the General Department of Customs, Vietnam’s rice exports in September reached more than 818,000 tons with a value of more than 510 million USD. This was a slight decrease of 3.8% in volume and 0.1% in value compared to the last month.
In the first 9 months of the year, Vietnam exported nearly 7 tons of rice, earned more than 4.3 billion USD, and increased 8.4% in volume and 23% in value compared to the same period last year. The average export price reached 625 USD/ton, up 14% over the same period in 2023.
In the three quarters of 2024, Vietnam’s three largest rice export markets are the Philippines, Indonesia, and Malaysia, respectively.
Specifically, Vietnam has exported to the Phillipines market more than 3.2 million tons of rice with a value of more than 1.9 billion USD. This was an increase of 32% in volume and 53% in value over the same period last year. The average export price was 613 USD/ton, up 16%.
Rice exports are up more than 1,500% since the beginning of the year.
The Indonesian market ranked second with a turnover of more than 1.03 million tons, worth more than 624 million USD, up 17% in volume and 35% in value compared to the previous year. The price increased to 604 USD/ton.
Malaysia was the third-largest importer of Vietnamese rice with more than 626 million tons, worth more than 372 million USD, and the price was more than 593 USD/ton. This result was up 96% in volume, 131% in value, and 17% in price compared to the same period in 2023.
However, in addition to these three main markets, Ukraine is increasing its imports of Vietnamese rice with a growth rate of up to four digits. In particular, Vietnam exported to this market 10,754 tons of rice with a value of more than 6.8 million USD, a sharp increase of 1,580% in volume and 1,695% in value over the same period last year.
The average export price reached 639 USD/ton, up 7% over the same period last year. Despite being the strongest growth market, Ukraine’s market share accounts for less than 1% of Vietnam’s total volume and export turnover.
Ukraine is a strong exporter of agricultural products, especially wheat. Since the beginning of the crop (from July 2023), Ukraine’s grain exports have increased to 2.56 million tons. This was higher than the level of 2 million tons in the same period last year.
After India’s ban on rice exports officially took effect in 2023, importing countries were forced to find alternative sources of supply. Vietnam and Thailand are two of the major rice exporters that have benefited from the shortage.
However, at the end of September, the Ministry of Trade and Industry of India signed a decision to lift the ban on the export of non-basmati white rice. The condition attached is that the export price of this item is 490 USD/ton. With India returning to the market, Vietnam will face stronger competition.
Regarding the situation of Vietnamese rice prices in the coming time, experts expect the average export price of Vietnamese rice in 2024 to be around 600 USD/ton, higher than 575 USD/ton in 2023.