Agri Commodities

Vietnam’s Rice Export To Enjoy Favorable Conditions In 2023

Vietnam’s Rice Export To Enjoy Favorable Conditions In 2023

India is the largest rice exporter in the world, followed by Thailand and Vietnam as the world’s most competitive exporters.

Vietnam’s Rice Export Forecast

Rice exports from Vietnam are expected to benefit from a variety of favorable conditions such as high global demands and are expected to reach a volume of 7 million metric tonnes (MMT). In the previous year, the country’s Rice Exports were at 7.2MMT, gaining a value of $3.49 billion USD.

The Foreign Trade Agency under the Ministry of Industry and Trade noted that improved rice quality has raised global demand for Vietnamese rice and has also boosted the demand from countries around the world, resulting in an expected export volume of 6.5-7MMT in 2023.

Global Trend For Rice Exports

The United States Department of Agriculture’s (USDA’s) January’s report forecasted that the global rice trade in 2023 would decrease by about 4% from the previous year.

Rice shipments by the largest exporters of the commodity are predicted to witness a decline, which includes Argentina, Brazil, Cambodia, China, the EU, India, Laos, Malaysia, Pakistan, Paraguay, Russia, Senegal, Tanzania, Turkey, Uruguay, and the US.

Amongst these countries, neighboring countries, India and Pakistan, may witness the sharpest falls and exports could be down by about 2.1 MMT due to the Government’s policies to stabilize domestic prices and ensure availability and also due to the possibility of a lower output.

The Foreign Trade Agency under the Ministry of Industry and Trade mentioned during a recent conference on rice exports that impacts of climate change and droughts witnessed in the US, Europe and China, pose a risk of supply shortages.

As per Nguyen Ngoc Nam, Chairman of the Vietnamese Food Association, import demands of Vietnam’s rice in the traditional markets of Africa and the Philippines would remain stable in the first half of the current year as they plan to increase their stockpiles.

As per Nguyen Viet Anh, Director General of the Phuong Dong food company, Vietnam’s rice businesses are highly optimistic and that the sector doesn’t need support for selling grain since 2019 and that the stock sometimes falls short to meet the demand.

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