Diversifying markets and continuously increasing average prices help Vietnam’s rice export activities become extremely bustling.
Market diversity
According to the latest preliminary statistics from the General Department of Customs, rice export activities to key markets in Vietnam continue to achieve positive results and remain at a high level.
Specifically, in October, the country exported 635,102 tons of rice; turnover reached USD 406.76 million, up 4.9% in volume, up 7.7% in turnover compared to September 2023.
Among them, there are 6 markets with rice export volume of tens of thousands of tons or more. In particular, the Philippines have regained the leading position after being temporarily usurped by Indonesia in September 2023.
In October, exports to the Philippine market reached 185,724 tons; turnover reached USD 116.4 million, up 88.2% in volume and 85.76% in turnover compared to September.
Meanwhile, Indonesia reached 144,605 tons, turnover reached more than USD 92 million, down 13% in volume and down nearly 9.3% in turnover compared to the previous month.
Another impressive growth came from the Ivory Coast market with 61,858 tons, turnover of USD 37.2 million, up 25.5% in volume and 32.1% in turnover compared to the previous month.
Other major markets are Ghana (46,470 tons, turnover of USD 33.23 million); Malaysia (40,728 tons, turnover of USD 23.2 million) and China (25,119 tons, turnover of USD 14.85 million).
By the end of October, the country exported more than 7.05 million tons; turnover reached USD 3.95 billion, up 15.9% in volume, up 34% in turnover compared to the same period in 2022.
The Philippines continues to lead with nearly 2.63 million tons, with a turnover of nearly USD 1.41 billion, accounting for 37.3% in volume and 35.7% of the country’s rice export turnover.
Indonesia ranked second with nearly 1.03 million tons, turnover reached USD 554.63 million, accounting for over 14% of the country’s rice export volume and turnover.
Ranked third is the Chinese market with 883,967 tons, turnover of USD 510.63 million, accounting for nearly 13% of the country’s rice export volume and turnover.
In addition, there are 4 markets with rice export volume reaching 100 thousand tons or more (by the end of October) including: Ghana, Ivory Coast, Malaysia, and Singapore.
Record export price
Another notable bright spot is that the average export value of Vietnamese rice has continuously set a record in the last 3 months.
Specifically, data from the General Department of Customs recorded that in August 2023, the average export price of rice reached USD 593/ton, the highest since January 2022 up to that time.
But in the last 2 months, export rice prices have continued to increase and are at more than USD 600/ton, of which, September reached 624 USD/ton and October reached USD 640/ton.
With recent positive signs, rice exports in 2023 are likely to reach and exceed the figure of 7.5-8 million tons, with a turnover of USD 4.5 billion that the Ministry of Industry and Trade and experts previously forecast. .
Specifically, at the Conference summarizing the rice export situation in the first 6 months of 2023, discussing directions for export management in the last months of 2023 held in Can Tho City on August 4, 2023, Minister of Industry and Trade Nguyen Hong Dien said that with an output of 43 million tons of rice; after domestic consumption, this year Vietnam can export over 7.5 – 8 million tons of rice, 400,000 – 900,000 tons higher than in 2022. .
In early November, the Ministry of Industry and Trade estimated that this year Vietnam will export about 8 million tons of rice, with a turnover of about USD 4.5 billion, the highest number ever and a successful year for Vietnam in terms of rice export.
The above estimated numbers are completely feasible; because in the past 10 months, the country’s rice export volume reached an average of more than 700,000 tons, with a turnover of USD 395 million/month if this average number is maintained. In the last 2 months of the year, for the whole year 2023, the amount of rice exported will reach 8.4 million tons with a turnover of more than USD 4.7 billion.
In a safer scenario, maintaining the figure of more than 600,000 tons with a turnover of about USD 400 million/month like in the last 2 months (September and October), in 2023, the amount of rice exported will also reach over 8,2 million tons and turnover is still at more than USD 4.7 billion.
As mentioned above, our country’s average rice export value is higher than 600 USD/ton. In fact, the average rice export value in October increased by about USD 120/ton compared to January 2023 (equivalent to a growth rate of 23.3%).
Source: Customs News