As of November 15, rice exports from Vietnam had surpassed those of 2022.

DNHN - Recent optimistic indications suggest that rice exports in 2023 will likely surpass the 7.5-8 million-ton mark and generate a revenue of USD 4.5 billion that was previously projected by the Ministry of Industry and Trade and industry experts.

Information from the General Department of Customs indicates that the nation exported 7.37 million tonnes of rice for a total value of USD 4.15 billion between the start of the year and November 15. The aforementioned figures have surpassed the rice export performance for the entire year of 2022 (which amounted to 7.1 million tonnes and generated 3.45 billion USD in revenue).

More precisely, throughout the initial half of this month (November 1-15), the entirety of the nation exported 332,214 tonnes of rice, generating a revenue of 219 million USD. In aggregate, the nation exported 7.37 million tonnes of rice from the commencement of the year until November 15, generating a revenue of USD 4.15 billion. The aforementioned figures have surpassed the rice export performance for the entire year of 2022 (which amounted to 7.1 million tonnes and generated 3.45 billion USD in revenue).

The two largest export markets are the ASEAN region (primarily Indonesia, Singapore, and the Philippines) and China (as of the end of October).

About the ASEAN regional market, the Philippines maintains its dominant position with an approximate turnover of 1.41 billion USD and 2.63 million tonnes of rice exports, representing a volume share of 37.3% and a turnover percentage of 35.7%. At 554.63 million USD, Indonesia ranked second with nearly 1.03 million tonnes; this accounted for more than 14 percent of the country's rice export volume and revenue.

The Chinese market is positioned third in terms of rice export volume and turnover, with 883,967 tonnes and 510.63 million USD, representing nearly 13% of the country's total rice exports. Nearly 5.1 million tonnes of rice were exported exclusively to the aforementioned two markets, which accounted for 72% of the nation's rice exports at the same time.

Recent optimistic indications suggest that rice exports in 2023 will likely surpass the 7.5-8 million-ton mark and generate a revenue of USD 4.5 billion that was previously projected by the Ministry of Industry and Trade and industry experts.

Regarding rice export prices, the Vietnam Food Association (VFA) reports that during the trading session on November 21, Vietnam's export price for 5% broken rice increased by 10 dollars, reaching 663 dollars per tonne. Thus, following a period of inertia lasting for thirty days, the export price of rice from Vietnam was abruptly adjusted to surge significantly.

The trade delegation representing Vietnamese rice products in the Chinese market is headed by Mr Tran Quoc Toan, the Deputy Director of the Import-Export Department. The delegation consists of officers from both the Import-Export and Promotion Departments. With the participation of 19 rice export companies and the Ministry of Industry and Trade of Commerce, the working program held in Beijing from October 29, 2023, to October 31, 2023, has concluded.

To foster and advance trade relations between the two nations at large, with a specific focus on the rice trade between Vietnam and China in the Northern China market region, the Working Group put forth a proposal that was accepted. Assistance is sought from state management agencies, associations, and agricultural and food enterprises, with a particular focus on Chinese rice enterprises, to enhance trade support, establish channels for information exchange, and ensure timely coordination. in resolving disputes between businesses of the two nations and advancing Vietnam's rice exports to China shortly.

PV (t/h)