Located in Asia, Vietnam is one of the top three leading rice exporters in the world. It ranks behind India and Thailand in the global rice trade and witnesses a strong demand for different varieties of rice from different global markets, around the year.
This time as well, Vietnam has witnessed a strong demand for its different varieties of rice, and riding on the back of strong global demand, Vietnam exported 1.85 million tonnes of rice with a total value of 981.4 million USD in the first quarter of 2023.
Facts And Figures
As per data from the General Department of Vietnam Customs, rice exports of the Asian nation stood at 1.85 million tonnes in the first quarter of 2023. A comparative analysis shows the volume to be 23.4% higher than last year.
In terms of revenue, Vietnam has generated 981.4 million USD through Rice Seller in the initial three months of the year and has grown its earnings by 34.3% YoY.
The Philippines Remained The Largest Buyer Of Vietnamese Rice
Vietnam has earned its name as a reliable supplier in the global rice market after India and Thailand and the Asian country exports rice to 150+ countries worldwide. China, the Philippines, Indonesia, and Africa are some of the leading Vietnamese rice importers, and by shipping bulk volumes of rice to buyers in these countries, Vietnam has grown its rice shipments by 23.4% in Q1 of 2023 in comparison to last year.
The Philippines remained the largest Vietnamese rice importer during this period, importing around 900,000 tonnes of rice from the Asian nation. The Southeast Asian nation alone has accounted for 48.2% of total Vietnam’s rice exports during Q1 and more orders are expected from the country, in the upcoming months. China, Indonesia, Malaysia, and Ghana are some of the other major Vietnamese rice importers during the period.
The Bottom Line
Vietnam features among the top 10 rice exporters of the world and strong global demand has helped the Asian nation export bulk rice in the first quarter of the year.
Waning supplies have led to an increase in demand for Vietnamese rice. According to New York-based research firm, Fitch Solutions, the global rice market is going to witness one of the largest shortages in two decades and has forecasted a shortfall of 8.7 million tonnes in 2022-2023.
All this has presented favorable conditions to Vietnam for exporting rice and riding on the back of global economic and political uncertainties, Vietnam has exported 1.85 million tonnes of rice valued at 981.4 million USD in the first quarter of 2023.
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