Bright prospect ahead for Vietnamese rice exports
In its August report, the US Department of Agriculture (USDA) lowered its global rice production forecast for the 2022 - 2023 crop to 512.4 million tonnes, down 2.3 million tonnes from its original forecast and 1.2 million tonnes compared to the previous crop. However, it raised projections for global rice consumption in the 2022 - 2023 crop, up more than 2 million tonnes compared to the previous crop.
This factor is anticipated to have a positive impact on the rice market in the near future, especially when Vietnamese rice prices are offered at their lowest level for nearly a year.
Nguyen Van Hieu, export director of Loc Troi Group, forecast that rice exports in the remaining months of the year would continue to rise thanks to high demand from countries such as the Philippines, China, and the EU.
In China for instance, Hieu said, despite the impact of its zero-COVID policy, the demand for glutinous rice is anticipated to increase during public holidays and at the end of the year. Meanwhile, the prolonged Russia-Ukraine conflict has led to a shortage of wheat and escalating food prices in the EU market.
Currently, European and South American countries are in the midst of experiencing a drought that has made agricultural production difficult. In order to make up for this shortfall, European countries are likely to purchase rice from Vietnam and other rice producers, Hieu said.
Sharing this viewpoint, Dr. Nguyen Dang Nghia, director of the Southern Center for Soil, Fertilizer and Environmental Research, anticipated that global demand for rice in the remaining months of the year would continue to increase considerably.
However, localities and businesses are required to encourage farmers to organise production in an efficient manner to ensure the interests of all stakeholders, Nghia noted.
Related News
Bright spots at the beginning of the year
10:51 | 23/03/2024 Headlines
Considering long-term strategies for rice exports
16:35 | 18/03/2024 Import-Export
Vietnam experiences a trade surplus of over US$11 billion in two months
13:47 | 15/03/2024 Import-Export
The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference
09:50 | 11/03/2024 Finance
Latest News
ASEAN, RoK agree on transposition of AKFTA product specific rules
15:00 | 28/03/2024 Import-Export
Opportunities for digital technology businesses to go global
14:58 | 28/03/2024 Import-Export
Vietnam, China eye stronger border trade
14:57 | 28/03/2024 Import-Export
Improve competitiveness and sustainable development of the seafood industry
09:51 | 28/03/2024 Import-Export
More News
Business environment reform needs further promotion: expert
14:47 | 27/03/2024 Import-Export
Singapore is the largest foreign investor in VN in Q1
14:43 | 27/03/2024 Import-Export
Thai Binh boosts investment, trade cooperation with Germany
14:38 | 27/03/2024 Import-Export
Lifting obstacles to develop industrial parks
10:24 | 27/03/2024 Import-Export
Unlock capital flows and create favorable conditions for investors
10:22 | 27/03/2024 Import-Export
More than 300 businesses, manufacturers to attend VGMF 2024
15:55 | 26/03/2024 Import-Export
Connecting with FDI firms helps boost wood exports: insiders
15:52 | 26/03/2024 Import-Export
Doosan Vina exports nearly 2,000 tonnes of modules to US
15:51 | 26/03/2024 Import-Export
Wood processing enterprises strive to increase the proportion of individually designed goods
09:50 | 26/03/2024 Import-Export
Your care
ASEAN, RoK agree on transposition of AKFTA product specific rules
15:00 | 28/03/2024 Import-Export
Opportunities for digital technology businesses to go global
14:58 | 28/03/2024 Import-Export
Vietnam, China eye stronger border trade
14:57 | 28/03/2024 Import-Export
Improve competitiveness and sustainable development of the seafood industry
09:51 | 28/03/2024 Import-Export
Business environment reform needs further promotion: expert
14:47 | 27/03/2024 Import-Export