Aside from Brunei, rice export prices to several other markets have also remained high. For instance, the average rice export price to the US reached $868/ton, $857/ton to the Netherlands, $847/ton to Ukraine, $836/ton to Iraq, and $831/ton to Turkey.
The increase in rice export prices has significantly contributed to the total export turnover of this commodity.
Illustration: Chinhphu.vn
One of the main reasons for the rise in global rice export prices is India’s rice export ban due to production challenges this year. India currently accounts for 40% of global rice production.
According to the latest report from the Ministry of Industry and Trade, Vietnam exported 650,000 tons of rice with a turnover of US$416 million in June, up 5.7% compared to the same period last year. In the first half of 2024, rice exports reached 4.6 million tons, earning US$2.9 billion, up 10.4% in volume and 32% in value compared to the same period in 2023.
This achievement is due to enterprises taking advantage of the increasing demand for rice imports from traditional markets. In the current context, and for the foreseeable future, food security is not just an issue for individual nations but a global concern. Therefore, rice exports are expected to continue to have significant opportunities to increase turnover.
According to the General Department of Customs, as of June 15, Vietnam’s total export turnover reached US$172.78 billion, up 15.2%, equivalent to an increase of US$22.78 billion compared to the same period in 2023.
Export of agricultural, forestry, and aquatic products increases by over 79%
According to the Ministry of Agriculture and Rural Development, in January 2024, the total export turnover of agriculture, forestry, and fisheries reached $5.14 billion, a 79.2% increase compared to the same period last year; while the import value was $3.72 billion. Therefore, the agriculture, forestry, and fisheries sector achieved a trade surplus of over $1.4 billion in the first month of 2024, a more than 4.6-fold increase compared to the same period last year.
The challenging future of the rice market
An expert panel from India has recently predicted that the global rice shortage will worsen as India’s high-quality rice exports face new barriers due to skyrocketing transportation costs amidst the Hamas-Israel conflict and domestic rice shortages affecting the export of other rice varieties.
