(KTSG Online) – With the rice export situation showing many positive signs, it is forecast that in 2024, Vietnam’s rice output to markets will exceed the original plan, which is 7.6 million tons.
This is information at the conference evaluating rice export results in 2023, the first quarter of 2024 and discussing rice export orientation taking place on April 26, according to VNA. Here, a representative of the Vietnam Food Association informed that in the first 6 months of 2024, rice exports are expected to reach 4.3 million tons. However, with the rice export situation showing many positive signs such as reaching 3 million tons in the first 4 months of the year, it is likely that this year, Vietnam’s rice exports to markets will exceed the original plan, which is 7,000 tons. 6 million tons.
Citing statistics from the General Department of Customs, a representative of the Import-Export Department (Ministry of Industry and Trade) said that by the end of the first quarter of 2024, rice exports reached more than 2.18 million tons, with an average selling price of 653 9 million USD/ton, an increase of 17.6% in volume, an increase of 45.5% in turnover and an increase of 23.6% in price compared to the same period in 2023.
Regarding the market, the Philippines is still Vietnam’s largest rice import market, accounting for 46.4% of the total volume and 45.5% of the country’s total rice export turnover. Next is Indonesia with turnover increasing by 308.8%; Malaysia’s import turnover of Vietnamese rice increased by 60.6% compared to the first quarter of 2023.
Some types of rice exported in the first quarter of the year received popularity in the market such as fragrant rice of all kinds (ST24, ST25, DT8, Ham Chau, Nang Hoa…) jasmine rice, japonica rice, 5% white rice…
In recent times, businesses have taken advantage of new generation free trade agreements. The market structure gradually shifted positively towards diversification. Besides traditional markets such as China, the Philippines, or Africa, businesses have also expanded to other markets such as Europe…
Besides, Vietnam’s rice export still faces many potential challenges. Specifically, traders’ market diversification strategies are still limited, rice export markets still depend on a number of traditional markets such as the Philippines, China and Indonesia. Vietnam’s exported rice also faces fierce competition from other competitors such as Thailand, Myanmar, Pakistan; International freight rates remain high…
