Indonesia plans to import two million tons of rice in 2024 to maintain the balance of the Government’s rice reserves. This is an opportunity for Vietnamese rice exporters when Indonesia is Vietnam’s second-largest rice export market in 2023.

Specifically, the Indonesian State Logistics Agency (BULOG) said that the Indonesian Government has agreed to import two million tons of rice in 2024.

The decision is to maintain the Indonesian Government’s balance of rice reserves. Mr.Bayu Krisnamurthi – Director of the State Logistics Agency, is not optimistic about rice prices this year.

According to Mr. Bayu Krisnamurthi, rice prices will increase because domestic production has not recovered, production costs remain high, especially fertilizers, and policies to protect the supply of rice-producing countries.

Indonesia plans to import two million tons of rice in 2024 to maintain the balance of the Government’s rice reserves.

However, Indonesia’s State Logistics Agency ensures that the Government’s rice reserves are safe. BULOG will supply 1.3 million tons of reserved rice for market operations and the distribution of rice aid starting in January 2024.

Earlier, Indonesian President Joko Widodo said that the policy of allocating rice imports was difficult to stop due to insufficient domestic production. 

In Indonesia’s economic outlook for 2024 hosted by Indonesia’s Ministry of Economic Coordination, President Jokowi confirmed that Indonesia will import one million tons of rice from India and two million tons from Thailand to secure its national rice reserve by 2024.

Vietnam is among the countries exporting large quantities of rice to Indonesia in 2023. Accordingly, the Indonesian market ranked second in terms of Vietnamese rice consumption, accounting for more than 14%. Rice exports to Indonesia reached 1.1 million tons, equivalent to 640 million USD, up 878% in quantity and 992% in value compared to 2022. This market has the strongest growth.

In 2023, the rice industry reached 8.1 million tons and 4.7 billion USD. This is a record in both quantity and turnover after 34 years of participating in the global market.

The average export price of rice in 2023 reached 580 USD/ton, an increase of 19% compared to 2022./.

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