Rice Exports Set New Record, Surpassing $5 Billion

After reaching record export values ​​in 2023, Vietnam’s rice exports continued to grow strongly this year and have surpassed the $5 billion mark.

Achieved a record in rice exports.

According to information from the General Department of Customs, by mid-November, Vietnam’s rice exports this year had reached over 5 billion USD. This marks the first time Vietnam’s rice exports have exceeded the 5 billion USD mark in a single year.

Over 8 million tons of Vietnamese rice have been sold to foreign markets, marking the second consecutive year that rice exports have exceeded 8 million tons. To date, the highest annual rice export volume was 8.13 million tons, achieved in 2023. With current monthly exports around 600-700 thousand tons, it is highly likely that by the end of November, this year’s rice exports will surpass this record.

High export rice prices

Vietnam’s rice exports have surpassed the $5 billion mark for the first time, mainly due to higher export prices. Overall, in the first three quarters of the year, the average export price of rice was $626 per ton, a 13.4% increase compared to the same period last year, equivalent to an increase of $74 per ton.

Vietnam’s export rice prices are high, not only due to the influence of global rice prices, but also because of a shift in the types of rice exported, focusing on fragrant and high-quality rice, while significantly reducing the production and export of medium and low-grade rice. As a result, the rice industry has created a unique export price level for Vietnamese rice.

The Philippines has significantly increased its imports of Vietnamese rice since the beginning of the year, which is also a key factor helping rice exports to these markets surpass the $5 billion mark for the first time this year.

Source: Vietnam Agriculture Newspaper