Statistics show local businesses exported more than 7.9 million tonnes of rice for over US$4.5 billion as of December 15, up 11% in volume and 29% in value compared to the same period last year.

The global rice market in 2023 experienced strong fluctuations, with a limited supply due to unfavourable weather conditions and export restriction policies of a number of countries.

Vietnam’s average export rice price has kept increasing over the past two months, reaching a record high of US$663 per tonne in early December. Experts predicted that the price of rice in the global market would remain high in 2024.

According to the Ministry of Agriculture and Rural Development, global rice production in 2024 could reach a record of nearly 520 million tonnes, and rice consumption would also hit 525 million tonnes, resulting in a shortage of 5 million tonnes. Global rice inventories would decrease to just over 160 million tonnes.

Meanwhile, India, a leading rice exporter that makes up 40% of the world’s total rice, is likely to maintain its rice export restriction in 2024. Vietnam’s rice export price is forecast to continue to stay high at US$640 - 650 per tonne in the first months of the year.

Vietnam has affirmed its position as a major rice exporter in the Top 3 along with India and Thailand. Rice supply from Vietnam in the past year has contributed to ensuring food security in various markets.

Currently, the Philippines was the largest consumer of Vietnamese rice this year, accounting for about 35% of the rice export market share. Between January – November 2023, it spent US$1.41 billion importing 2.63 million tonnes of rice from Vietnam. the Philippines was followed by Indonesia, China and African countries.

Currently, several countries, including Vietnam’s major trading partners such as Indonesia and the Philippines, say they will increase rice imports from Vietnam next year to meet domestic consumer demand and ensure reserves. Notably, Indonesia is said to increase its imports by about 600,000 tonnes in 2024.

However, to avoid risks, experts warned that businesses would closely monitor market developments, develop production and business scenarios, and stay ready to sign new export orders when rice prices fluctuate.

Source: VOV