Amid high prices, a country in Southeast Asia spent nearly 1 billion USD buying Vietnamese rice

Published May 17, 2024

Tridge summary

In April 2024, Vietnam exported over 1 million tons of rice, earning nearly 620 million USD, with cumulative exports in the first four months reaching 3.17 million tons worth 2.04 billion USD. The value of rice exports increased by 33.6% compared to the same period last year, driven by a 22.2% rise in average export prices. The Philippines, a major importer, significantly increased its rice purchases from Vietnam, accounting for nearly 47% of Vietnam's rice export value. However, new draft policies in the Philippines may pose challenges for Vietnamese exporters by emphasizing state control over market regulation, potentially reducing the role of private enterprises. Businesses involved in exporting rice to the Philippines will need to adapt to these new methods.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: Preliminary statistics from the General Department of Customs, in April 2024, our country exported over 1 million tons of rice, earning nearly 620 million USD. Cumulatively in the first 4 months of this year, Vietnam exported about 3.17 million tons of rice, worth nearly 2.04 billion USD. Compared to the same period last year, rice exports only increased by 9.5% in volume but the value increased sharply by 33.6%. The average export price of this item in the first 4 months of this year reached 644 USD/ton, up 22.2% over the same period last year. This is also the main reason why our country's rice export turnover has increased sharply in recent months. Notably, while rice prices were high, the Philippines - a traditional customer of Vietnamese rice - suddenly bought a large amount of rice from our country. Specifically, in April, this Southeast Asian country spent 286.8 million USD to buy 478,700 tons of rice, an increase of 21% in volume and a sharp increase ...
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