Rice export volume in 2023 could reach nearly 8 million tons
In the first 10 months of 2023, Vietnam's rice exports reached 7.1 million tons, an increase of 17% over the same period in 2022. According to Deputy Minister of Ministry of Agriculture and Rural Development Phung Duc Tien, the rice industry can potentially move closer to the figure of 8 million tons.
Data from the General Statistics Office shows that in the first 10 months of 2023, Vietnam exported more than 7.1 million tons of rice, equivalent to nearly USD 4 billion, an increase of 17% in volume and an increase of 35% in value over the same period in 2022. After only 10 months, rice export value reached the highest level, at least since 2009.
Over 10 months, on average, Vietnam's rice export price reaches USD 560/ton, an increase of 16% over the same period in 2022.
In addition to supplying the domestic market, processing, breeding, storing, and breeding, Vietnam can ensure the export of about 7.5-8 million tons of rice, contributing to ensuring food security for the world.
From the results of the first 10 months of 2023, Deputy Minister Phung Duc Tien forecasts that rice export volume in 2023 can reach approximately 8 million tons.
After Indonesia announced it would import an additional 1.5 million tons of rice from October, Vietnam's rice export price continuously increased and reached its highest level since the beginning of the year.
Data from the Vietnam Food Association (VFA) shows that as of November 1, Vietnam's 5% broken rice is being exported at a price of USD 653/ton, higher than the same type of rice from Thailand and Pakistan at USD 93/ton and USD 90/ton respectively.
Similarly, Vietnam is also leading in the selling price of 25% broken rice at USD 638/ton, USD 118/ton higher than Thai products of the same type and USD 150/ton higher than Pakistani products.
If India still maintains the rice ban until the first half of 2024, Vietnam's rice export price will continue to be high and not less than USD 650/ton.
According to agricultural experts, Vietnam's rice export price is likely to reach USD 1,000/ton in the context of lower supply than demand and the El Nino phenomenon would strongly impact the crop at the end of 2023 and next spring.
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