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Good news for the rice industry from 2023 onwards is that export prices have reached record levels, even reaching the highest point in the world. As we enter 2024, the rice industry continues to receive good news as a country is buying Vietnamese rice at a price of over $1,000/ton.
Specifically, according to preliminary statistics from the General Department of Customs, in January 2023, our country exported 512,265 tons of rice and earned over 362 million USD, increasing by 4% in volume and 7% in value compared to the previous month. At the same time, it increased by 42% in volume and 94% in value compared to the same period in 2023.
The average export price reached $707/ton, a slight increase of 3% compared to the previous month.
In terms of the market, the Philippines still holds the position of the largest importer of Vietnamese rice with nearly 280,944 tons, equivalent to nearly 194.28 million USD, increasing by 7.8% in volume and 8% in value compared to December 2023. The average price reached $691/ton, a slight increase of 0.3% compared to the previous month.
Notably, the position of the second largest importer has changed. While China and Indonesia held this position in 2022 and 2023 respectively, in the first month of 2024, France rose to the second position with a sharp increase in import volume. Specifically, rice exports to France in January reached 17,919 tons, equivalent to 18.64 million USD, a significant increase of 16,339% in volume and 18,356% in value compared to December 2023. The average price reached $1,040.2/ton, the highest among all export markets of Vietnam, while in January 2023, no rice was exported to this market.
In 2023, the total rice export volume of the whole country reached over 8.13 million tons, equivalent to nearly 4.68 billion USD, an increase of 14.4% in volume and 35.4% in value compared to 2022, and the average price reached $575/ton, an increase of 18.3%.
India has implemented measures to restrict rice exports to stabilize the domestic market and supply sources in some countries that have declined due to the El Nino weather phenomenon, which has caused rice prices to rise sharply recently.
Experts predict that rice prices will continue to rise in 2024 due to tightened supply caused by export restrictions in India. The impact of El Nino on the main rice growing areas has increased concerns about supply.
Countries across Asia and Africa have made efforts to ensure supply since India has tightened export restrictions since July. Rice prices in the Philippines have risen, while Indonesia has requested military support to increase production.
According to experts, although rice cultivation areas are tending to decrease, according to the 2024 production plan of Vietnam, the agricultural sector still aims to maintain a rice cultivation area of 7.1 million hectares, rice production of over 43 million tons, and ensure exports of over 8 million tons of rice.
