Vietnam: Export price of rice increased by nearly 10% over the same period despite a decrease in volume

Published Mar 6, 2023

Tridge summary

Vietnam's rice exports in February totaled 430 thousand tons with a value of 231 million USD, marking an 18.8% decrease in volume and a 10.8% decrease in value compared to the same period in 2022. However, the average export price of rice increased by 9.8% to 528.5 USD/ton. The Philippines was the largest consumer of Vietnamese rice in January 2023, but exports to the country saw a significant decrease. The rice market in Taiwan saw the largest increase in export value, while Ghana experienced the largest decrease. Despite these fluctuations, Vietnam's rice export forecast for 2023 is estimated to be around 6.5-7 million tons, driven by increased demand in traditional markets and the quality of Vietnamese rice. Domestic rice prices in February were not uniform across localities in the Mekong Delta. As of mid-February, Vietnam had sown about 2.69 million hectares of winter-spring rice, up 0.5% from the previous year, but the harvested rice area and output per harvested area saw decreases compared to the same period.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Ministry of Agriculture and Rural Development, the volume of rice exported in February is estimated at 430 thousand tons with a value of 231 million USD. Thus, the volume of rice exported in the first two months of 2023 reached 789 thousand tons with a value of USD 417 million, down 18.8% in volume and down 10.8% in value over the same period in 2022. However, the average export price of rice in the first two months of 2023 was estimated at 528.5 USD/ton, up 9.8% over the same period in 2022. The Philippines is Vietnam's largest rice consumption market in January 2023 with a 34.6% market share. Rice exports to this market in January 2023 reached 129.3 thousand tons and 64.55 million USD, down 44.7% in volume and 41.4% in value over the same period in 2022. In January, the market with the highest increase in rice export value was Taiwan (China) with an increase of 54.6%. In contrast, the market with the largest drop in rice export value was Ghana, down 86.2%. It is ...
Source: Vietstock

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