Rice exports expected to exceed $5 billion

A farmer during rice harvest season in the southern province of Cần Thơ. — VNA/VNS Photo

HÀ NỘI — Việt Nam exported 5.18 million tonnes of rice with a turnover of US$3.27 billion in the first seven months of 2024, a year-on-year increase of 5.8 per cent in volume and 25.1 per cent in value, according to the latest report of the Ministry of Agriculture and Rural Development (MARD) and the General Department of Customs.

The results was due to enterprises taking advantage of the rising demand for rice imports from traditional markets in recent times.

The MARD said that in the first half of this year, rice was the fifth largest export item in the agricultural sector, following wood and wooden products, seafood, vegetables and coffee and was also one of the items recording the highest growth rate.

Việt Nam’s main rice export markets are currently the Philippines, Indonesia, China, Ghana, Malaysia and Singapore, of which the Philippines market accounts for more than 38 per cent of total rice exports.

Notably, traditional markets continue to increase their rice import volume from Việt Nam.

For example, Indonesia, the Philippines, Singapore, have announced an increase in rice imports from Việt Nam to serve domestic consumption. This is an important boost for the rice industry in the final months of the year.

Speaking to the press, Nguyễn Ngọc Nam, Chairman of the Việt Nam Food Association (VFA) commented that the demand for rice from countries around the world, especially traditional customers of Việt Nam, was still high and may grow.

This was an opportunity for Việt Nam to promote rice exports in the remaining months of this year, he said.

It is forecasted that the world will have a shortage of seven million tonnes of rice this year. Some countries limit exports, while others rise rice imports for storage.

This created opportunities for rice exporting countries, including Việt Nam, he noted. — VNS