Rice Export Turnover Increases by 38% in January-May

In the first five months of 2024, Viet Nam exported nearly 4.2 million tons of rice, worth nearly US$2.7 billion, up almost 15 percent in volume and over 38 percent in value compared to the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).

The Viet Nam Food Association (VFA) said that Viet Nam's rice exports have continuously increased sharply recently because of increased food demand in many countries worldwide after India (the world's leading rice exporter) banned the export of regular rice.

Main markets such as the Philippines, Indonesia, China, and Ghana increased their Vietnamese rice purchases.

Especially in the Philippines, Vietnamese rice currently accounts for more than 80 percent of the import market share of this product. Viet Nam's rice export to this country has reached one million tons and is likely to exceed four million tons this year.

Besides the results achieved, there are still many problems in rice production and that the country needs to find solutions to overcome them.

Viet Nam's rice export price has reversed from being the highest in the world, falling to the lowest among major rice-exporting countries. Viet Nam's export rice price has decreased by US$5 - 8/ton in the global market.

Of these, the standard 5 percent broken rice decreased by US$8, down to US$574/ton. Standard 25 percent broken rice decreased by US$5, down to US$552/ton.

In 2024, Viet Nam aims to gain US$5 billion from exporting rice, US$300 million higher than in 2023. With a result of US$2.7 billion in the first five months of the year, rice exports for the whole year will undoubtedly exceed the set target.

Source: VGP