| Rice export to the Chinese market and notes for Vietnamese enterprises Naming 5 agricultural, forestry and fishery products with billion-dollar export value in the first quarter of 2024 |
According to the Ministry of Agriculture and Rural Development , by the end of the first quarter of 2024, Vietnam's rice exports reached more than 2.1 million tons of rice, worth nearly 1.4 billion USD, an increase of about 42% over the same period last year.
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| By the end of the first quarter of 2024, rice exports will earn nearly 1.4 billion USD |
Rice exports are among the top agricultural products with high growth rates, reaching over a billion USD in the first three months of the year. Vietnam’s main rice export markets are currently the Philippines, Indonesia, China, Ghana, Malaysia, Singapore, etc.; of which, the Philippines accounts for more than 38% of Vietnam’s total rice exports.
According to the Vietnam Food Association, the export price of 5% broken rice from Vietnam is currently below 580 USD/ton - the lowest level since the beginning of the year. Meanwhile, some of Vietnam's major rice export markets are also tending to reduce imports or diversify supply sources.
Regarding this, the Ministry of Agriculture and Rural Development said that countries have increased their purchases but they are also concerned about their dependence on Vietnam, so they have planned to diversify their supply sources. In particular, the Philippines and Indonesia are making efforts to increase productivity and domestic rice production area this year. In addition to providing support programs for fertilizers and high-quality seeds, these countries also provide additional finance for domestic farmers to accelerate cultivation.
However, some opinions said that not only did Vietnam's rice export prices fall, the export price of parboiled rice from the leading hub of India fell to its lowest level since early February 2024 this week due to reduced demand, while Thai rice prices fell for the fourth consecutive week due to a weaker baht.
Accordingly, the 5% broken parboiled rice of leading exporter India was quoted at $540-$548 per tonne this week, down from $550-$558 last week. The price of 5% broken rice of Thailand was quoted at $570 per tonne this week, down from $585-$590 last week.
According to traders, the biggest winter-spring harvest of the year is currently underway and will end in a little over a week. Prices are expected to rise again soon as the harvest is about to end.
This year, Vietnam expects to export $5 billion worth of rice. Last year, the country exported 8.13 million tons of rice worth $4.7 billion - a record high. Vietnam currently ranks third in the world in rice exports.
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