Vietnam’s rice exports gained more than 3.8 billion USD in the first eight months of 2024. Experts predict that this year’s rice exports will set a new high due to positive market signals.
Vietnam’s rice exports prices increase by 14.8%
Vietnam had planted close to 6.6 million hectares of rice by the end of August 2024, according to the Ministry of Agriculture and Rural Development. An estimated 4.45 million hectares were also harvested. The harvested output was at over 28.7 million tons. Compared to the same time last year, it is up 1.2%.
Vietnam earned from rice exports over 3.8 billion USD in the first eight months of 2024. When compared to the same time last year, it rose by more than 21%. The amount exported increased by over 6% to almost 6.2 million tons. In the first eight months, the average rice export price was up 14.8% to USD 625/ton.
Currently, certain rice-exporting nations have low supplies. However, Vietnamese rice is becoming better and better. Therefore, it meets the demanding needs of the world market. In addition, companies are actively negotiating with partners to get favorable outcomes. As a result, there is assurance about the price of Vietnamese rice and an increase in the output of rice for export.
The demand for rice imports from traditional customers of Vietnam will continue to remain high. They are the Philippines, Indonesia, and Malaysia. Additionally, rice exporting companies from Vietnam are actively expanding into new markets. Such as the Middle East, Africa, South America, Japan, and Korea. Thus, experts predicted that by 2024, 43.4 million tons of rice will be for the domestic market. Of which 8 million tons will be available for export.
Although Vietnam’s rice area has decreased to 7.12 million hectares, the rice export output is still guaranteed. Thanks to new rice varieties, high productivity and quality. Experts expected Vietnam’s rice export to reach over 8 million tons this year, earning more than 5 billion USD and creating a new record for the industry thanks to the growing import momentum of partners.
Due to favorable exports, the price and quantity of various types of rice have surged recently, driving up rice prices once more. In addition to helping farmers, its expansion has had a substantial positive impact on the nation’s and the Mekong Delta’s agricultural economies.
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