Strong export demand for rice, coupled with declining supply, has led to higher prices in the market since early 2023.
According to the General Department of Customs of Vietnam, this country exported 1.85 million tons of rice worth 981.4 million dollars in the first quarter of this year, representing a year-on-year increase of 23.4% in quantity. and 34.3% in value.
The Philippines spent more than USD 450 million to import some 900,000 tons of Vietnamese rice in the first quarter of this year, and more orders are expected in the future.
The neighboring Southeast Asian country was the largest importer of Vietnamese rice in the quarter, accounting for 48.2% in volume and 45.9% in value, followed by China, Indonesia, Malaysia and Ghana, the department reported.
The average export price in the period under review was estimated at USD 531 per tonne, with a year-on-year increase of 9.2%, the highest in the last decade.
The global shortage of rice, one of the world’s most consumed food grains, will be the biggest in two decades, according to New York-based research firm Fitch Solutions.
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It forecasts a world deficit of 8.7 million tons in 2022-2023, the largest since the deficit of 18.6 million recorded in 2003-2004.
The neighboring Southeast Asian country was the largest importer of Vietnamese rice in the quarter, accounting for 48.2% in volume and 45.9% in value, followed by China, Indonesia, Malaysia and Ghana, the department reported.
Experts say the forecasts portend a buoyant market, underscoring favorable conditions for Vietnam’s rice exports given rising demand for food stocks amid global economic and political uncertainties.
The Foreign Trade Agency, under the Ministry of Industry and Trade (MoIT), suggested companies closely monitor the market and thoroughly assess opportunities and risks in order to develop sound transaction plans, sign suitable contracts and ensure export efficiency.
They must provide updated information to the Vietnam Food Association and the MoIT to keep all stakeholders in Vietnam informed.
Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/vietnam-s-rice-exports-surge-on-supply-crunch/252081.vnp
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