After achieving a record export turnover in 2023, Vietnam’s rice exports continued to increase strongly this year and have surpassed the 5 billion USD mark.
According to the Ministry of Agriculture and Rural Development, rice exports in November were estimated at 700,000 tons, worth 444.9 million USD. This result brought the total rice exports in 11 months to nearly 8.5 million tons, worth 5.31 billion USD. It was an increase of 10.6% in volume and 22.4% in value compared to the same period in 2023. This is the first time the agricultural sector has achieved this level of rice export volume and value.
The Philippines is the largest rice-consuming market for Vietnam, with a market share of 46.1%. Indonesia and Malaysia are the next two major markets with respective market shares of 13.5% and 8.2%.
In the group of the 15 largest rice export markets, the value of rice exports increased the most in the Malaysian market, with 2.2 times; the market with the largest decrease in export value was China, with a drop of 71.3%.
Vietnam’s rice exports exceed 5 billion USD for the first time.
After achieving a record export value in 2023, Vietnam’s rice exports continued to rise sharply this year and surpassed the 5 billion USD mark, marking the first time Vietnam’s rice exports have exceeded 5 billion USD in a year.
Vietnam’s rice exports have surpassed the 5 billion USD mark for the first time, mainly due to high export prices. On average, in the first three quarters of the year, the export price of rice was 626 USD/ton, up 13.4% compared to the same period last year, corresponding to an increase of 74 USD/ton.
The Vice President of the Vietnam Food Association said that Vietnam is gradually creating a difference in rice production and export compared to other countries by focusing on fragrant rice and high-quality rice. At the same time, we significantly reduce the production and export of medium- and low-grade rice. Through this, the rice industry has created a unique export price level for Vietnamese rice.
The distinct pricing of Vietnamese rice has been demonstrated multiple times, standing at the highest level among leading exporting countries and often significantly higher than similar rice from Thailand.
Rice has become the second agricultural product of Vietnam to reach an export milestone of over 5 billion USD, after fruits and vegetables. In 2023, fruit and vegetable exports for the first time exceeded 5 billion USD, and in 11 months of 2024, they surpassed 6.6 billion USD, heading towards a target of 7 billion USD by the end of the year.
Following rice, it is highly likely that by the end of 2024, Vietnam’s coffee exports will also reach the milestone of 5 billion USD for the first time. In total, among Vietnam’s agricultural export products, there are now three items that have reached an export value of over 5 billion USD, including wooden products, fruits and vegetables, and rice.