Vietnam bags nearly 3.3 billion USD from rice export in seven months
Thursday, 08/08/2024 15:36 (GMT+7)
Vietnam exported 5.18 million tons of rice in the first seven months of 2023, with a turnover of 3.27 billion USD, an increase of 25.1% in volume and 5.8% in value compared to the same period last year, according to the Ministry of Agriculture and Rural Development.
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| Vietnam bags nearly 3.3 billion USD from rice export in seven months |
This is partly due to sharp increase in Vietnam’s rice export price. The average export price of rice reached 632 USD a ton, an increase of more than 18% compared to the same period last year.
India’s ban on exporting all non-basmati rice has led to an increase in rice prices on the world market. Therefore, rice exporting countries such as Vietnam and Thailand have seen a rise in the value of their rice exports. The Philippines continues to be a major export market for Vietnamese rice. In the Philippines, Vietnam currently accounts for 85% of the imported rice market share.
According to forecasts, Vietnam will harvest 43 million tons of rice in 2024, ensuring domestic demand and earning more than 5 billion USD in export value.
Industry experts have recommended businesses focus on purchasing summer-autumn rice to have a full inventory before signing contracts./.
BTA