Agri Commodities

Vietnam’s Rice Exports Leap To 12 Year High In Q1

Located on the eastern edge of mainland Asia, Vietnam is the third largest rice exporter in the world. It Exports Bulk Rice to over 150 countries and territories around the world and rice exports from Vietnam constitute 15 percent of the global rice trade. 

China, the Philippines, and Africa are the major markets for Vietnamese rice exporters, and riding on the back of strong demand from these markets and capitalizing on the gains in prices, Vietnam’s rice exports surged to $952 million in the first quarter of 2023, its highest since last 12 years.

Rise For Vietnamese Rice From Different Global Markets

Rice importers from different global markets namely China, the Philippines, Indonesia, and Africa are showing strong demand for Vietnamese rice and this has been the reason behind Vietnam’s high rice exports in Q1.

Indonesia particularly has decided to import 2 million tonnes of rice from Vietnam this year to stabilize rice prices in the domestic market, support 21.53 million poor households and utilize it for other purposes and this has resulted in increased rice shipments from Vietnam.

Talking of China, a recovery in the market post-pandemic has been the factor behind fresh export orders for Vietnamese rice.

Also, buyers from the Philippines and Africa are looking to build up their inventories, and this has helped Vietnam boost its rice exports.

Facts And Figures

According to the General Statistics Office of Vietnam, the country exported 1.8 million tonnes of rice during the January to March period and with that its rice exports grew by 19.3 percent in comparison to the same period, a year ago. 

In terms of rice export prices, data compiled by the Vietnam Food Association reflect that Vietnamese rice export prices have been on an increase since last year. According to the Ministry of Industry and Trade, the average export price of Vietnamese rice during the January to March period is estimated at $531 per tonne, up 9.2 percent in comparison to last year.

The Bottom Line

Vietnam is one of the top 10 rice exporters in the world and the Asian nation ships rice to 150+ countries and territories globally. China, the Philippines, Indonesia, and Africa are major markets for Vietnamese rice exporters and owing to strong demand and significant gain in prices, Vietnam’s rice exports touched US $952 million in quarter one of 2023, its highest in the last 12 years.

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