By the end of September 2023, Vietnam exported 6.6 million tons of rice. The turnover reached nearly 3.7 billion USD which is the highest figure ever. With this result, it is expected that in 2023, rice exports will set a record of over 8 million tons, with a turnover of about 4.5 billion USD.
According to the Ministry of Agriculture and Rural Development (MARD), rice exports have continuously “accelerated” since India stopped exporting ordinary rice. Vietnam has made good use of market opportunities in last August and September.
40% INCREASE IN VALUE COMPARED TO THE SAME PERIOD LAST YEAR
In August 2023, rice exports reached 950,000 tons with a value of 553 million USD. In September, Vietnam continued to export more than 800,000 tons of rice with a value of about 490,000 USD. Vietnam has become the world’s largest rice supplier in the past two months. Thus, in two months alone, Vietnam has supplied nearly 1.8 million tons of rice to the world market; both contributing to the world’s supply and bringing economic benefits to rice growers.
Rice exports have set a record turnover of 3.66 billion USD.
Accumulated in 9 months of 2023, Vietnam exported 6.6 million tons of rice. The turnover reached 3.66 billion USD, up 40.4% over the same period last year. In the 34-year history of rice exports, this is the first time this figure has been recorded.
Rice exports once set a record value of 3.65 billion USD in 2011, but out of the total exports that year of 7.1 million tons. From 2012 to 2018, the export price of rice decreased, causing the export turnover to always be below 2.5 billion USD.
By 2019, rice exports gradually increased and regained the 2.7 billion USD mark. In 2022, rice export turnover reached 3.5 billion USD, but it has not yet broken the record of 3.65 billion USD in 2011.
Mr. Nguyen Van Viet, Director of the Planning Department (MARD), said that compared to the rice price fever in 2008 and 2023, Vietnam has made good use of market opportunities. Looking back at 2008, the export price of 5% broken rice peaked at 1000 USD/ton. But at that time the Government ordered to stop exporting rice, so almost no traders could export at that price.
In fact, the highest price that Vietnamese rice exporters achieved was 700 USD/ton. In 2008, due to the suspension of rice exports, Vietnam only exported 4.8 million tons of rice with a turnover of only 2.87 billion USD. The average export price of rice in 2008 reached 597 USD/ton.
“In 09 months of 2023, the average export price of rice reached 554 USD/ton, up 14% over the same period last year. Although it is not equal to the average export price of rice in 2008, the average export price of rice this year reached the highest level in more than 14 years”.
In the past 2 months, the price of Vietnam’s standard 5% broken rice has fluctuated between 620 – 645 USD/ton. Besides, the 25% broken rice has reached 623 USD/ton. By the end of September 2023, rice prices in other countries are on a downward trend. Vietnamese rice has also decreased slightly compared to the previous month, but still at the highest level in the world.
Specifically, the price of Thai rice is 590 USD/ton while that of Pakistan is 588 USD/ton. According to the Vietnam Food Association (VFA), the price of 5% broken rice exported on September 30, 2023, was 613-617 USD/ton; the price of 20% broken rice was 598-602 USD/ton. Thus, currently, the price of Vietnamese rice is still the highest in the world, about 20 USD/ton higher than Thai rice, and 15 USD/ton higher than Pakistan’s rice./.