Will this year be the most prosperous ever for rice exports?

DNHN - Predictions for 2024 indicate that rice prices will remain elevated, fluctuating between $640 and $650 per tonne. Increased demand from major markets and global supply shortages are the primary factors propelling the expansion of Vietnam rice exports

Vietnam's rice export industry is currently experiencing a critical period, as rice exports are projected to reach an unprecedented 8 million tonnes this year, generating a revenue of up to USD 4.5 billion. This demonstrates the industry's robustness and success in the global market. Anticipations for 2024 are similarly sanguine, given the sustained vitality of the rice market, which garners interest from numerous nations obligated to augment imports to safeguard food security.

According to estimations provided by the Ministry of Industry and Trade, Vietnam's rice exports for the previous ten months surpassed 7 million tonnes in value and approached 4 billion USD, representing a volume and value growth of 17% and 35%, respectively, in comparison to the corresponding period of 2021. Representative of Trung An High-Tech Agriculture Joint Stock Company, Mr. Pham Thai Binh, also praised the phenomenal growth of Vietnam's rice export sector in 2023, particularly in light of the sharp increase in rice prices caused by the ban on rice exports in India and other nations.

As numerous nations vie to secure food reserves by purchasing substantial quantities of rice, the global rice market has become more dynamic than ever before, resulting in significant price fluctuations. Predictions for 2024 indicate that rice prices will remain elevated, fluctuating between $640 and $650 per tonne. Increased demand from key markets, including the Philippines, Indonesia, and China, and global supply shortages are the primary drivers of growth for Vietnam's rice exports.

The Director of the Department of Quality, Processing, and Market Development at the Ministry of Agriculture and Rural Development, Mr. Nguyen Nhu Tiep, also expressed optimism regarding the rice export sector's outlook for 2024. Vietnam, in his opinion, will maintain a significant position in this sector as long as it can satisfy the expanding demands of the global market. It is anticipated that the global demand for rice imports will continue to rise, particularly from traditional markets that are compelled to augment their imports to address food shortages.

P.V (t/h)