Rice exports in 8 months reach record turnover

Monday, 11/09/2023 14:41
Over the past 8 months, rice exports reached nearly 6 million tons, the highest level ever, up 20% from the same period last year and completing 89% of the year’s plan.
Harvesting rice in Dong Anh (Hanoi) (Photo: VnExpress)

This is the latest statistical data from the Vietnam Customs. This export level brought rice export turnover in 8 months to nearly USD3.2 billion, an increase of more than 34% in value.

Among import markets, the Philippines, China, Indonesia and Ghana imported the most Vietnamese rice, with growth rates of 3% to nearly 1,500% from the same period last year.

In the last 4 months of this year, Vietnam's rice exports will still be boosted by the number of good orders from many new markets. However, export businesses are concerned that the supply is not enough to meet the demand.

The CEO of a business in the Mekong Delta said that in the fourth quarter, the rice supply in the Vietnamese market is expected to not undergo remarkable changes. Meanwhile this year, demand in many countries increased dramatically. Last year, Vietnam exported 7.2 million tons of rice, of which, there was additional import from India of 500,000-700,000 tons, and 300,000 tons from Cambodia. This year, imports from these countries were cut due to India's ban. In the Autumn-Winter rice crop, despite normal weather, the rice yield is only equivalent to 2022.

"Therefore, demand is exceeding supply, so it is hardly feasible for ministries and branches to expect exports to exceed plans and possibly reach 7.5-8 million tons," said the CEO of the business.

Sharing the same opinion, Mr. Nguyen Viet Anh, General Director of Orient Food Company Limited (ORICO), also feels worried about the export balance this year.

Previously, at the conference in Can Tho in early August, Mr. Viet Anh also cited data from the US Department of Agriculture assessing that Vietnam's inventory-to-consumption ratio was only about 11%, while a safe level was about 22%. After India's rice export ban, up to now, the number is only 8.5%.

While export rice prices have decreased over the past few days, domestic rice prices are still rising. Currently, domestic rice prices are 5-7% higher than export prices, equivalent to USD660-680 per ton for 5% broken rice./.

Compiled by BTA