News

Vietnam's rice exports in the first quarter increased by 42% year-on-year

Rice
Vietnam
Market & Price Trends
Published Apr 15, 2024

Tridge summary

Vietnam has experienced a significant surge in rice exports in the first quarter of the year, reaching over 2.1 million tons with a value of US$1.4 billion, a 42% increase from the previous year. The country, which is the third largest rice exporter globally, is on track to achieve US$5 billion in exports this year, surpassing last year's record of 8.13 million tons worth US$4.7 billion. The Philippines, Indonesia, China, Ghana, Malaysia, and Singapore are among its top markets, with the Philippines alone accounting for more than 38% of the exports. Despite this success, Vietnam faces challenges such as a drop in the price of its 5% broken rice to below US$580/ton and efforts by major markets to reduce dependence on Vietnamese rice by diversifying their sources and increasing domestic production. The Ministry of Agriculture and Rural Development has advised Vietnamese enterprises to diversify their markets and improve product quality to maintain competitiveness.
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, as of the first quarter of this year, Vietnam's rice exports reached more than 2.1 million tons, with an export value of US$1.4 billion, an increase of 42% year-on-year. This year, Vietnam's rice exports are expected to reach US$5 billion. Last year, the country's rice exports reached 8.13 million tons, with an export value of US$4.7 billion, a record high. Currently, Vietnam's rice exports rank third in the world. Vietnam's main rice export markets are the Philippines, Indonesia, China, Ghana, Malaysia, Singapore, etc. Among them, rice exports to the Philippines account for more than 38% of Vietnam's total rice exports. Vietnam's 5% broken rice export price currently remains below US$580/ton , which is the lowest level since the beginning of the year. At the same time, some major rice export markets of Vietnam also tend to reduce imports or diversify supplies. The Ministry of Agriculture and Rural Development of ...
Source: Foodmate
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