Rice among top agricultural products with high export growth

Vietnam’s rice exports hit over 2.1 million tonnes by the end of the first quarter of 2024.

Vietnam’s main rice export markets are the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore. Of which, the Philippines accounts for more than 38% of Vietnam’s total rice exports.

According to the Ministry of Agriculture and Rural Development (MARD), Vietnam’s rice exports hit over 2.1 million tonnes by the end of the first quarter of 2024, worth nearly 1.4 billion USD, an increase of about 42% over the same period last year.

The export price of Vietnam’s 5% broken rice is currently maintained at below 580 USD per tonne - a low level since the beginning of this year. Meanwhile, some of Vietnam’s main rice export markets tend to reduce imports or diversify supplies.

Regarding this matter, the MARD said countries have increased purchases but are also concerned about dependence on Vietnam, so they planned to diversify supplies. In particular, the Philippines and Indonesia are trying to raise productivity and domestic rice production area this year. In addition to offering support programmes for high-quality fertilisers and seeds, these countries also provide additional finance for their farmers to speed up rice cultivation.

The price decrease was not only seen in Vietnamese rice exports but also in 5% broken rice exports from the leading rice exporter India, which dropped to its lowest level this week since early February 2024 due to declining demand. Meanwhile, Thai rice prices have reduced for the fourth consecutive week due to a weaker baht.

The harvest of the ongoing Winter-Spring crop, the biggest harvest of the year, will end in more than a week. It is expected that when the harvest concludes, rice prices will soon rise again.

Vietnam aims to export 5 billion USD of rice this year. Last year, the country’s rice export was reported at 8.13 million tonnes, with a record value of 4.7 billion USD. Vietnam currently ranks third in the world in rice export.