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Rice exports are favorable but need to improve quality

14 December 2023

It is forecasted that in the first half of 2024, Vietnam's rice exports will continue to be favorable but need to improve quality and value, ensuring an increase in value rather than an increase in quantity.

Packaging rice for export by an enterprise in Dong Thap province - Photo: DANG TUYET

At the conference on global rice market and future trends, held in Hau Giang province on December 13, Mr. Le Thanh Hoa - deputy director of the Department of Quality - Processing and Market Development (Ministry of Agriculture) and Rural Development) - said Vietnam's number one rice export market is still the Philippines, accounting for about 35% of the export market share.

In the first 11 months of 2023, the amount of rice exported to this country will reach 2.63 million tons, equivalent to 1.41 billion USD; followed by Indonesia, China and African countries. The highest export price was recorded in October 2023, reaching 640 USD/ton, but there are some businesses that can reach an agreement close to the threshold of 800 USD/ton.

Forecasting  the export market  at the end of the year and the first half of 2024, Mr. Hoa believes that the situation will continue to be favorable, but it is necessary to continue restructuring the rice industry in the direction of improving quality and value, ensuring increased in value rather than increase in quantity.

Commenting at the conference, Ambassador Extraordinary and Plenipotentiary of the Republic of Indonesia to Vietnam Denny Abdi said that Vietnam could become one of the largest rice exporting countries in the world. 

He cited that in the period 2018-2023, world rice production growth was only 0.8% while consumption growth was 1.25%, so rice demand was higher than supply. At the same time, world supply continues to face challenges due to population growth, climate change...

Meanwhile, Mr. V Subramanian - market research expert of SSRESOURCE MEDIA Company (Singapore) - commented that if India restricts exports, the market will react favorably to Vietnamese rice in 2024.

However, he recommends that updated market information can be obtained from many open sources on the Internet. Through this, we can understand the supply-demand relationship in the coming time, understand the price trend of rice...

Source : tuoitre