According to Ministry of Agriculture and Rural Development, by the end of the first quarter of 2024, Vietnam's rice exports reached more than 2.1 million tonnes of rice, worth nearly 1.4 billion USD, an increase of about 42% over the same period last year.
Rice exports are among top agricultural products with high growth rates and reached over billion USD in the first 3 months of the year. Vietnam's main rice export markets currently are the Philippines, Indonesia, China, Ghana, Malaysia, Singapore...; Out of which, the Philippines accounts for more than 38% of Vietnam's total rice exports.
According to Vietnam Food Association, Vietnam's export price of 5% broken rice is currently maintained at less than 580 USD/tonne - a low level since the beginning of the year until now. Meanwhile, some of Vietnam's main rice export markets are also tending to reduce imports or diversify supplies.
Regarding this, Ministry of Agriculture and Rural Development said that countries increased purchases but they were also concerned about dependence on Vietnam, so they planned to diversify supplies. In particular, the Philippines and Indonesia are trying to increase productivity and domestic rice production area this year. These countries, in addition to offering support programs for high-quality fertilizers and seeds, also provide additional finance for domestic farmers to speed up cultivation.
However, some opinions say that not only has Vietnam's export rice price decreased, price of parboiled rice exported from leading center India this week has dropped to the lowest level since early February 2024 due to demand decreases. Meanwhile, Thai rice prices decreased for the fourth consecutive week due to a weaker baht.
Accordingly, 5% broken parboiled rice from leading exporter India was quoted at 540 - 548 USD/tonne this week, down from 550 - 558 USD/tonne last week. Thailand's 5% broken rice price this week is quoted at 570 USD/tonne, down from 585 - 590 USD/tonne last week.
According to traders, the ongoing biggest Winter-Spring harvest of the year will end in more than a week. It is expected that when the harvest is about to end, prices will soon increase again.
This year, Vietnam expects rice exports to reach 5 billion USD. Last year, the country's rice exports reached 8.13 million tonnes with a value of 4.7 billion USD - a record high. Currently, Vietnam ranks third in the world in rice export.

Source: Vitic/ congthuong.vn