Global fever, Vietnam sold 6 million tons of one type of agricultural product, some countries increased purchases by up to 1,500%

Market & Price Trends
Published Feb 22, 2024

Tridge summary

Vietnam has seen a significant increase in rice exports in the first eight months of 2023, with nearly 6 million tons exported, valued at 3.2 billion USD. This represents a 20% increase in volume and 34% increase in value compared to the same period in 2022. The Philippines, China, and Indonesia are the main markets for Vietnam's rice. However, export prices have dropped due to measures introduced by the Philippines to control domestic rice prices and a 20% tariff on parboiled rice exports imposed by India. In contrast, Bangladesh is planning to lift its ban on fragrant rice exports due to a surplus in domestic reserves and a record crop yield.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to statistics from the General Department of Customs, rice exports in the first 8 months of 2023 have reached nearly 6 million tons, worth 3.2 billion USD, an increase of 20% in volume and 34% in value compared to the same period in 2022. With this figure, Vietnam has completed 89% of the year's rice export plan, this is also the first time Vietnam has achieved this achievement. The Philippines, China, and Indonesia are Vietnam's three largest rice export markets. Meanwhile, in recent days, export rice prices have cooled down, especially after the Philippines introduced measures to curb the increase in domestic rice prices. According to information from the Vietnam Food Association, the price of Vietnam's 5% broken rice on September 7 was 628 USD/ton, the lowest level in a month and down from 640-650 USD/ton last week. The price of 5% broken rice in Thailand is 618 USD/ton. The price of Vietnam's 25% broken rice is 613 USD/ton, while Thailand's rice remains at 563 ...
Source: Danviet
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