Rice Export from Vietnam: Set New Volume and Price Records
Good news for the rice export industry from Vietnam. In addition to the record-high volume, the value reached a historic high of 5.3 billion USD. Notably, rice from Vietnam still holds an overwhelming market share in the Philippines, the world’s largest rice importer.
Rice Export from Vietnam: Set new records of 5.3 billion USD
According to the Ministry of Agriculture and Rural Development, by the end of November, Vietnam’s rice exports reached a record high of 8.5 million tons. The value of over 5.3 billion USD is higher than the whole year of 2023. The average export price of rice in the 11 months of 2024 is estimated at 628 USD/ton. This is an increase of nearly 11% over the same period in 2023.
Vietnam’s rice exports increased sharply in most markets, especially the Philippines. This is the world’s largest rice importer and also the largest customer of Vietnamese rice. The Manilatimes reported that in the 11 months of 2024, rice imports reached a record 4.25 million tons. It exceeded the total imports of 2023 by 3.6 million tons and 2022 by 3.8 million tons.
In the past 11 months, the Philippines bought 3.3 million tons of rice from Vietnam, equivalent to 77%. Thailand ranked second with only nearly 545,000 tons. Followed by Myanmar at 185,000 tons and Pakistan at 15,000 tons.
Since August 2024, the Philippine government has reduced rice import taxes. The purpose is to cool down the price of rice in the domestic market. Since then, the country’s rice imports have increased sharply. In October 2024, the Philippines imported 572,000 tons of rice and in November it was 379,000 tons.
The head of the Philippine Department of Agriculture forecasts that the country’s total rice imports will reach 4.5 million tons in 2024. The Philippines’ rice imports increased sharply this year due to the impact of many consecutive storms, especially in November.
According to the Vietnam Food Association (VFA), the export price of 5% broken rice from Vietnam is currently at 514 USD/ton. Thailand 502 USD/ton, Pakistan 452 USD/ton, and India 451 USD/ton. Currently, markets are focusing on preparing goods for the end of the year, so demand is still high. Meanwhile, Vietnam has finished harvesting the third rice crop while the winter-spring crop has not yet arrived, so output is limited.
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Havigo Company Limited operates in the field of agricultural export. We wish to bring high-quality Vietnamese agricultural products such as spices, rice, beans, and fruits… to the world. We supply you with high-quality products at the best price. If you find interested in importing all kinds of White Rice from Vietnam, don’t hesitate to get in touch with us for better support via WhatsApp: +84 979 58 58 56.