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Vietnam likely to export more than 8 million tonnes of rice this year

03 May 2024

VOV.VN - Vietnam is expected to produce 43 million tonnes of rice this year, of which more than 8 million tonnes will be for export, according to the Ministry of Agriculture and Rural Development.

The first four months of this year saw the country ship abroad 3.23 million tonnes for US$2.08 billion, up 11.7% in volume and 36.5% in value compared to the same period last year.

The ministry attributed the surge to the rise in rice export prices that have averaged US$644 per tonne since the beginning of the year, up 22.2% year on year.

Many countries tend to increase rice imports for reserves as rice supply is in short supply and the weather is not favourable globally.

In addition, some countries continue to restrict rice exports, along with ongoing hot spots of conflict in the world, fueling global demand.

Experts say the world is expected to consume 525 million tonnes of rice this year while nearly 518 million tonnes will be produced globally, leading to a shortage of 7 million tonnes. This creates opportunities for rice exporters; including Vietnam.

Vietnam exported 8.1 million tonnes of rice for US$4.6 billion last year. The Philippines was the largest buyer, consuming 85% of the total volume. It was followed by Thailand, India, Bangladesh, Japan and Taiwan (China).

Vietnamese rice has been exported to more than 180 countries and territories worldwide. Consumers in demanding markets such as Europe, the US, the Republic of Korea, Australia and the Middle East tend to eat Vietnamese rice.

Source : vov