Rice exports in the first quarter of 2024 increased by 17.6% in volume and 45.5% in turnover compared to the first quarter of 2023, reaching over 2.18 million tonnes, equivalent to nearly 1.43 billion USD with an average price of 653.9 USD per tonne.
Delegates at a conference to evaluate rice export results in 2023 and the first quarter of 2024, in Can Tho on April 26. (Photo: VietnamPlus)
Hanoi (VNA)𓆏 – Rice exports in the first quarter of 2024 increased by 17.6% in volume and 45.5% in turnover compared to the first quarter of 2023, reaching over 2.18 million tonnes, equivalent to nearly 1.43 billion USD with an average price of 653.9 USD per tonne.
The Ministry of Industry and Trade in collaboration with the Ministry of Agriculture and Rural Development and Can Tho City People's Committee on April 26 jointly organised a conference to evaluate rice export results in 2023 and the first quarter of 2024 and discuss rice export orientation in the coming time.
Nguyen Anh Son, Director of the Import-Export Bureau (Ministry of Industry and Trade) assessed that Vietnam's rice export in the first quarter of 2024 continued to dominate key markets with great demand.
The Philippine market remained the biggest importer of Vietnamese rice, accounting for 46.4% of the total volume and 45.5% of the total rice export turnover of Vietnam, reaching over 1 million tonnes.
Ranked second was Indonesia. Vietnamese rice export to this market skyrocketed by nearly 200% in volume, 308.8% in turnover and 36.4% in price over the same period in 2023, reaching 445,326 tonnes
Rice export to the Malaysian market also increased by 28.8% in volume, 60.6% in turnover and 24.7% in price compared to the first quarter of 2023, reaching 98,917 tonnes.
Commenting on the world rice market situation in 2024, Son said that global rice production in the 2023-2024 crop year would reach nearly 518 million tonnes. Meanwhile, total consumption was 525 million tonnes. Forecasts reveal the world would have a shortage of about 7 million tonnes of rice this year.
International visitors at a Vietnamese rice introduction booth. (Photo: VietnamPlus)
In addition, an assessment from the United States Department of Agriculture (USDA) also shows that the global rice supply is forecast to no longer be abundant. The main supply source is in India, accounting for 40% of global production, will decrease by 4 million tonnes compared to the previous crop year.
Other markets such as the Philippines, Indonesia, Thailand, and Cambodia are also forecast to reduce output due to the impact of the El Nino phenomenon and climate change. In this context, according to Son, this is an opportunity for rice exporting countries like Vietnam.
The Vietnam Food Association (VFA) estimated that in the first week of April 2024, the Winter-Spring crop harvest was about 3 million tonnes, equivalent to about 2 million tonnes of rice.
In addition, over 430,000 hectares of seeded rice has yet been harvested. Demand for purchasing raw rice for delivery of international contracts is still high, so domestic prices are stable.
In market development and trade promotion activities, the Ministry of Industry and Trade has been implementing the strategy for developing Vietnam's rice export market until 2030. It actively negotiates with import partners (the Philippines, Malaysia) on the signing of a Rice Trade Memorandum of Understanding. This would act to create a stable and sustainable environment for rice trade for businesses of the two countries. At the same time, it wants to expand negotiations and sign Memorandums of Understanding on rice trade with new markets.
Nguyen Anh Son, Director of the Import-Export Bureau, Ministry of Industry and Trade. (Photo: VietnamPlus)
In November 2023, the Ministry of Industry and Trade of Vietnam signed a Memorandum of Understanding with the Ministry of Light Industry, Food and Agriculture of Mongolia on rice trade between Vietnam and Mongolia for 300,000 tonnes.
In February 2024, the Minister of Industry and Trade and the Minister of Agriculture of the Philippines signed a Memorandum of Understanding on rice trade cooperation with an annual quantity of up to 1.5 - 2 million tonnes of white rice.
Key traders exporting rice to China have been asked to coordinate with the Ministry of Agriculture and Rural Development (Department of Plant Protection) to complete registration documents for export processing facility data. The goal is to avoid disruption of rice export activities to the Chinese market./.
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
According to the Ministry of Agriculture and Rural Development, Vietnam exported 2.07 million tonnes of rice in the first quarter of 2024, earning 1.37 billion USD in revenue. This represents a 12% increase in volume and 40% in value compared to the same period of 2022.
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