Rice Export Prices Reach $1000, Rice Exports Continue to Flourish

Vietnamese rice prices have risen sharply in many markets, even reaching nearly $1,000 per ton. Rice exports continue to maintain strong performance in both volume and price in the second half of this year.

Prices are rising, and volume is increasing in many high-end markets.

According to statistics from the General Department of Customs, compared to the same period last year, in the first six months of 2024, Vietnam’s rice exports reached 4.7 million tons, an increase of 10.4%, and the value reached nearly 3 billion USD, an increase of 32%. Notably, the average export price of rice in the first six months increased by over 18% compared to the same period in 2023. Many markets achieved very high average export prices, such as Brunei at 959 USD/ton, the US at 868 USD/ton, the Netherlands at 857 USD/ton, Ukraine at 847 USD/ton, Iraq at 836 USD/ton, and Türkiye at 831 USD/ton…

It can be said that Vietnamese rice is currently at its peak, both in quantity and quality. To achieve this result, over the years, Vietnamese businesses have continuously invested in rice quality and built product brands in many high-end international markets. Therefore, the value of Vietnamese rice has continuously increased in markets such as Japan, the EU, and the US.

Exported rice fetches high prices.

Most notably in recent times has been the French market. In the first quarter alone, Vietnam’s rice exports to this market surged to 18,200 tons, valued at $19.1 million; averaging over $1,000 per ton. Across the entire EU region, in the first three months of the year, we supplied 46,000 tons of rice, generating $41.4 million in revenue, an increase of nearly 118% compared to the same period last year.

The Vietnamese Trade Office in the EU reports that Vietnamese specialty fragrant rice varieties such as ST25, ST24, Nang Hoa, and OM are highly favored by the market due to their delicious aroma and quality. Therefore, the price of Vietnamese rice in the EU is higher than the average price of other countries. For example, Italian rice is around 2 euros/kg, Cambodian rice is around 1.5 euros/kg, while Vietnamese rice is 2.5 euros/kg, only lower than Thai specialty rice (3 euros/kg). The increase in rice export turnover to the EU market is thanks to businesses taking advantage of opportunities from the Vietnam-EU Free Trade Agreement (EVFTA). Compared to other rice exporting countries such as India and Thailand, Vietnam is the most competitive in these markets and is also the best sector to take advantage of the trade benefits brought about by EVFTA in the first year.

Source: Thanh Nien Newspaper