Rice exports have brought in over 4.8 billion USD since the beginning of the year. Since the end of 2023, after India’s export ban, countries have turned to Vietnam to import alternative supplies.
According to the General Department of Customs, Vietnam’s rice exports in October reached over 788,000 tons with a value of over 505 million USD, down 3.67% in volume and 1% in value compared to the last month.
In 10 months of the year, Vietnam exported over 7.7 million tons of rice, worth more than 4.86 billion USD. This was an increase of 10.13% in volume and nearly 34% in value compared to the same period in 2023.
The average export price of rice reached 627 USD/ton, up 12% compared to the same period last year.
In terms of the export market, the Philippines ranked first with over 3.6 million tons of rice and a turnover of over 2.2 billion USD. This was an increase of 38% in volume and nearly 60% in value compared to the same period in 2023. The average price was 615 USD/ton, an increase of 15%.
Vietnam ranks third in the world for rice exports.
Indonesia ranked second with over one million tons of rice, valued at over 655 million USD. This was an increase of 7% in volume and 20% in value compared to the same period. The export price recorded an increase of 12%, equivalent to 602 USD/ton.
Malaysia was the third-largest rice importer from Vietnam, with a value of nearly 400 million USD, equivalent to over 674,000 tons. These figures marked a significant increase of 87% in volume and 117% in value. The average price was 592 USD/ton, up 16% compared to the same period in 2023.
In addition to the three main markets mentioned above, another country with the highest increase in imports of Vietnamese rice is Ukraine. Specifically, the volume of Vietnamese rice exported to Ukraine in 10 months was 10,834 tons, equivalent to over 7.2 million USD, up 1,486% in volume and 1,545% in value compared to the same period in 2023.
However, despite the highest increase, this country only accounts for a very small proportion, less than 1%, of Vietnam’s total exports. Ukraine is also a strong country in agricultural exports, especially wheat.
Since the beginning of the crop (from July 2023 to June 2024), Ukraine’s grain exports have increased to 2.56 million tons. It is higher than the two million tons during the same period last year (data from the Ukrainian Ministry of Agriculture). At the same time, this is the largest supplier of wheat to Vietnam since the beginning of the year.
Forecast for the entire year of 2024, Vietnam could achieve an export level of over 8.5 million tons. And continue to maintain its position among the top three rice-exporting countries in the world, along with India and Thailand.
According to experts, to achieve the record export target, the Vietnamese rice industry needs to focus on solutions such as continuing to promote trade, expanding new markets, and fully exploiting the advantages of FTAs to enhance the export of high-quality rice.
In addition, it is necessary to invest in quality improvement: strengthening investment in organic rice and premium rice production to meet the increasingly high demand of the international market. Responding to market fluctuations, closely monitor the global supply and demand situation, and seize export opportunities in the context of rice shortages in many countries.