The world is rushing to buy, and exports of Vietnam's staple food have exceeded 1 billion USD at the beginning of the year

Rice

Philippines

Market & Price Trends

Published Mar 29, 2024

Tridge summary

Vietnam's rice exports in February 2024 experienced a notable increase, reaching 562,943 tons valued at 373.4 million USD, marking a 9.9% and 3.1% increase in volume and value respectively over the previous month, and a 5.3% and 30.5% increase over the same period last year. The first three months of 2024 saw exports climb to 2.07 million tons, worth 1.37 billion USD, up 40% in volume and 12% in value compared to 2023, with the Philippines and Indonesia being the largest markets. This surge is attributed to a drought in the Philippines and a domestic production shortage in Indonesia due to the El Nino phenomenon, alongside a decrease in India's rice exports by 27% in January 2024 due to rising shipping costs. Concurrently, the Indian Government's extension of a 20% export tax on parboiled rice to stabilize domestic prices, against the backdrop of a global rice price increase following India's July 2023 ban on non-basmati white rice exports, has spurred demand for Vietnamese rice. Despite seasonal price pressures, the outlook for Vietnam's rice exports remains positive, driven by reduced output from major producers and high global demand.

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 data from the General Department of Customs, despite the long Lunar New Year holiday, Vietnam's rice exports in February 2024 still reached 562,943 tons, worth 373.4 million USD, an increase of 9.9%. in volume and up 3.1% in value over the previous month, and up 5.3% in volume and up to 30.5% in value over the same period last year. In the first 3 months of 2024, Vietnam's rice exports reached 2.07 million tons, worth 1.37 billion USD, up 40% in volume and 12% in value compared to the same period in 2023. In general, Vietnam's rice exports to many main markets grew strongly in the first 2 months of the year. In particular, the Philippines continues to be Vietnam's largest rice export market after the first 2 months of the year with a volume of 500,195 tons, worth 337 million USD, an increase of 24.4% in volume and an increase of 64.7% in value. prices compared to the same period in 2023. Ranked second is Indonesia with 219,165 tons, worth 141.7 million USD, an ...

Source: Danviet