Good signs for Vietnam's rice exports

Published 2024년 3월 27일

Tridge summary

Vietnam's rice exports are expected to exceed 8 million tonnes for the second year in a row, generating around 5 billion USD in revenue amid a global decrease in rice supply. This surge is attributed to unfavorable weather, export restrictions in some countries, and increased import demand, particularly benefiting from India's export limitations. The Vietnamese government and the Vietnam Food Association are enhancing the rice industry through market development, trade promotion, and preferential trade agreements. Meanwhile, global rice market dynamics have led to price surges in countries like Indonesia due to supply shortages, and Vietnam is exploring opportunities in high-demand markets such as Senegal, despite modest exports there in the past. In the first two months of the year, global rice exports reached 920,000 tonnes, valued at $640 million, indicating a tight supply and a significant increase in value, with Vietnamese rice now reaching over 180 countries, including stringent markets like Europe, the US, South Korea, and Australia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

This year is forecasted to be the second consecutive year that Vietnam’s rice exports exceed 8 million tonnes, bringing in about 5 billion USD. The global rice supply is decreasing, and countries such as the Philippines, Indonesia, China and some other markets are all increasing rice imports to ensure food security, which creates opportunities for Vietnamese rice export this year. After many fluctuations in supply and price last year, global rice trade continues to be "hot" from the beginning of this year. Limited supply due to unfavourable weather, exports being banned or restricted in some countries, increased import demand in many markets, and Red Sea tensions are the main reasons why the rice market heats up this year. Global ending inventories for the 2023-2024 crop year are forecast at more than 167 million tonnes, down 8.6 million tonnes compared to the previous crop year and the lowest inventory in the past six crop years. India, the largest exporting country, with more ...
Source: WTOCenter

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