Export prices are high until the end of the year, Vietnamese rice earns $ 3.3 billion positively

VCN - The world's rice supply is in shortage, and increasing import demand in many major markets is favourable for Vietnam's rice industry to earn positive export results of about US$ 3.2-3.3 billion this year. Notably, it is forecasted that export rice prices will remain high until the end of the year.
Export prices are high, but businesses are worried about the lack of pangasius raw materials Export prices are high, but businesses are worried about the lack of pangasius raw materials
Pangasius export prices are high, but businesses are worried about the lack of raw materials Pangasius export prices are high, but businesses are worried about the lack of raw materials
Pangasius export is still difficult Pangasius export is still difficult
Vietnam's rice output in 2022 will reach over 43 million tons, and rice output for export will reach about 6.5-6.7 million tons. Photo: collected
Vietnam's rice output in 2022 will reach over 43 million tons, and rice output for export will reach about 6.5-6.7 million tons. Photo: collected

Exports increase in both volume and value

According to the Ministry of Agriculture and Rural Development, the volume of rice exports in October 2022 was estimated at 700 thousand tons with a value of US$ 334 million, bringing the total volume and value of rice exports in 10 months of 2022 to 6.07 million tons and US$ 2.94 billion respectively, up 17.2% in volume and 7.4% in value over the same period in 2021.

In the first nine months of 2022, the Philippines will be Vietnam's largest rice-consuming market, with a 43.9% market share. Rice exports to this market reached 2.47 million tons with a value of US$ 1.14 billion, up 35.3% in volume and 22.2% in value over the same period in 2021. Meanwhile, the market with the highest increase in rice export value is Ivory Coast (up 71.2%). In contrast, the market with the largest decrease in rice export value was Ghana (down 32.8%).

Put on a comparison scale, a representative of the Institute of Policy and Strategy for Agriculture and Rural Development (MARD) said that in October 2022, the price of Thai rice exports fell to its lowest level in nearly three months due to the weakness of the baht and demand falls. Meanwhile, rice prices in Vietnam and India were steady near the highest level in many months due to supply concerns.

In Thailand, the price of standard 5% broken rice decreased by US$ 28 per ton, from US$ 435 per ton to US$ 407 per ton - the lowest level since the end of July 2022. Traders attributed the drop in rice prices to lower demand in both domestic and export markets in the absence of supply disruptions due to flooding. In addition, the Thai baht has traded near its lowest level since 2006 against the dollar because of persistent concerns about global growth and a recession.

In India, the price of 5% broken parboiled rice in October 2022 decreased slightly by US$ 2 per ton, from US$ 376 - 384 per ton to US$ 374 - 382 per ton. Rice prices fell due to reduced consumer demand and rice quality was affected by heavy rains. Days of heavy rains in India have damaged rice fields just before harvest in the main rice-growing states such as Uttar Pradesh, West Bengal and Andhra Pradesh. Meanwhile, the price of 5% broken rice in Vietnam was unchanged at US$425-430 per ton, the highest level since November 2021.

Ms Doan Xuan Khanh Quyen, Deputy General Director of Vietnam Rice Co., Ltd (Vinarice), shared that the price of rice in the domestic market, especially in the Mekong Delta in the early days of November 2022, continuously increased. In about 50-60 days, new rice had been asked about the price and deposit traders in many areas. "Compared to the peak price in October 2022, the price of rice for export continues to increase by an average of US$ 10 – 20 per ton", Quyen said.

Around the story of rice prices, Mr. Pham Thai Binh, General Director of Trung An High-tech Agriculture Joint Stock Company, assessed that in recent years, there have been many times when the price of Vietnamese rice was higher than that of Thailand. This is because Vietnamese rice was behind Thailand but developed wide new rice varieties, improving production processes. At the same time, the freshness of Vietnamese rice was higher than that of Thai rice of the same type, so it was increasingly popular with consumers.

High export prices until the end of 2022

According to the Institute of Policy and Strategy for Agriculture and Rural Development, Vietnam's rice industry has been shifting from low-grade rice to high-quality rice in recent years. As a result, rice exports to "fastidious" markets recorded strong growth.

The leader of Trung, An Hi-tech Agriculture Joint Stock Company, added that "fastidious" markets such as Europe and Korea were very fond of high-quality Vietnamese rice. New orders were constantly being signed. Trung An Hi-tech Agriculture Joint Stock Company had just won a contract to export 20,000 tons of rice to Korea with a value of more than US$ 9 million expected to be exported in early 2023.

Representatives of some rice exporting enterprises said that increasing export rice prices will continue until the end of December 2022. This is because severe weather in many Asian countries (which accounts for 90% of global rice production) and climate change and severe drought in the US, Europe, and China (markets with the greatest demand for rice in the world) are putting the rice supply in shortage. Besides, India's 20% tax on rice exports is also an opportunity for Vietnam's rice export industry in the last months of the year.

From 2017 to 2018, India only exported about 8-9 million tons of rice per year, then the export price of Vietnam's rice was quite good. However, in 2021 when India raised its export rice output to over 21 million tons, the price of rice dropped sharply. It can be said that India is a very "heavy" competitor in rice export competition in the mid-range segment with Vietnam. Therefore, the fact that this rice exporting powerhouse imposes a 20% tax on exported rice will make the price of Indian rice more expensive than many other exporting countries, creating an opportunity for Vietnamese rice to regain its former markets dominated by Indian rice.

Regarding the goal of rice export for the whole year 2022, Deputy Minister of Agriculture and Rural Development Phung Duc Tien affirmed: "In 2022, the rice cultivation area will reach over 7.2 million hectares as planned, the whole year paddy output is over 43 million tons, the amount of rice for export is about 6.5 - 6.7 million tons. Therefore, rice export turnover for the whole year is likely to reach about US$ 3.2-3.3 billion.

By Duc Quang/ Binh Minh

Related News

Be objective before requesting anti-dumping investigation on imported HRC steel

Be objective before requesting anti-dumping investigation on imported HRC steel

VCN - The steel market is "hot" with two conflicting opinions on the issue of initiating an anti-dumping investigation on hot-rolled coil (HRC) steel products imported from China to Vietnam. But clearly, all decisions need to be based on specific and objective data to create a healthy competitive environment.
Negotiating actively FTAs, increasing benefits for businesses

Negotiating actively FTAs, increasing benefits for businesses

VCN - Facing the improvement of exports in the first quarter, sharing with the press, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) said that many solutions will continue to be implemented to achieve the goal export growth 2024.
Considering request to anti-dumping investigation on imported hot-rolled HRC steel

Considering request to anti-dumping investigation on imported hot-rolled HRC steel

VCN - Regarding the proposal to initiate an anti-dumping investigation on HRC hot-rolled steel products imported from China to Vietnam, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized the needs of complete basis and evidence to demonstrate whether an anti-dumping investigation should be applied or not.
Import and export in the first quarter: clearer and clearer bounce- back trend

Import and export in the first quarter: clearer and clearer bounce- back trend

VCN - As calculated, total import-export turnover of goods in the first quarter of the year reached over 178 billion USD, up 15.5% year on year. Both exports and imports achieved high growth rates, clearly showing a recovery trend.

Latest News

Vietnam National Brand Week to be held in mid-April

Vietnam National Brand Week to be held in mid-April

The Vietnam National Brand Week 2024 will be held nationwide from April 15-21 to raise public awareness of Vietnam national brand and promote products recognised as national brands to domestic and international communities.
Textile industry in sustainability push to meet stringent requirements

Textile industry in sustainability push to meet stringent requirements

Textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed, according to industry insiders.
Loosening the belt buckle for sustainable development of the maritime industry

Loosening the belt buckle for sustainable development of the maritime industry

VCN - Recently, the growth of maritime and waterway transportation has been impressive, with a double-digit rate of about 10-12% per year. However, despite many advantages, the waterway system has not been efficiently utilized, commensurate with its potential. The Customs News had a discussion with Pham Quoc Long, Vice Chairman of the Vietnam Shipowners' Association, on this issue.
Vietnam ready to ride US investment wave

Vietnam ready to ride US investment wave

Vietnam is on the verge of seeing a massive influx of investments from the US, and stands ready to welcome the wave.

More News

Investing in wages is investing in development

Investing in wages is investing in development

VCN - According to Dr. Bui Sy Loi (photo), senior expert of the Ministry of Labor, War Invalids and Social Affairs, former Deputy Chairman of the National Assembly's Committee on Social Affairs, the National Assembly's adoption of the reform policy salaries, resource decisions and salary reform policies on July 1, 2024 is a suitable time, both historical and topical, contributing to ensuring life, creating peace of mind for staff, civil servants, public employees and workers.
Measures sought for coffee firms to adapt to EU Deforestation Regulations

Measures sought for coffee firms to adapt to EU Deforestation Regulations

Experts gathered in the Central Highlands province of Gia Lai on April 9 to seek measures to help local coffee businesses to adapt to the EU Deforestation Regulations (EUDR) and promote exports to the EU market in particular and the world in general.
Vietnam’s export to India maintains growth momentum

Vietnam’s export to India maintains growth momentum

Vietnam kept its export growth momentum in the Indian market in 2023 after two-way trade hit a record high of 15 billion USD in 2022, Vietnamese trade counsellor in India Bui Trung Thuong told the Vietnam News Agency.
Ample room remains for Vietnam"s exports to China

Ample room remains for Vietnam"s exports to China

There remains ample room for Vietnam's exports to China and the growth will be directly proportional to the quality improvement of products by domestic enterprises, according to Dau tu (Investment) Newspaper.
Take advantage to increase fruit and vegetable exports to nearby markets

Take advantage to increase fruit and vegetable exports to nearby markets

VCN - With close geographical distance, low cost and transportation time, and preferential tariffs... are great advantages that Vietnam's fruit and vegetable industry needs to take advantage of to increase exports to other Asian markets such as China, ASEAN, Middle East...
Vietnam-China trade reaches over US$ 27 billion

Vietnam-China trade reaches over US$ 27 billion

VCN – China continues to be the Vietnam's largest trading partner.
Exports of goods to key markets rocket

Exports of goods to key markets rocket

VCN- Vietnam's key export markets and industries are launching impressively in 2024.
Nearly 20 thousand businesses are newly established and return to operation every month

Nearly 20 thousand businesses are newly established and return to operation every month

VCN - According to General Statistics Office, in March, the whole country had 14.1 thousand newly established enterprises with a registered capital of VND113.5 trillion and 104.4 thousand employees registered, an increase of 64.3% in the number of businesses, a rise of 68.7% in registered capital and growing 105.2% in the number of employees compared to February 2024.
Forty-five provinces and cities issue logistics service development plans

Forty-five provinces and cities issue logistics service development plans

Forty-five provinces and centrally-run cities have issued logistics service development plans up to this point, while 47 provinces and cities have reported on the implementation of logistics activities over the last year.
Read More

Your care

Latest Most read
Vietnam National Brand Week to be held in mid-April

Vietnam National Brand Week to be held in mid-April

The Vietnam National Brand Week 2024 will be held nationwide from April 15-21 to raise public awareness of Vietnam national brand and promote products recognised as national brands to domestic and international communities.
Textile industry in sustainability push to meet stringent requirements

Textile industry in sustainability push to meet stringent requirements

Textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed, according to industry insiders.
Loosening the belt buckle for sustainable development of the maritime industry

Loosening the belt buckle for sustainable development of the maritime industry

VCN - Recently, the growth of maritime and waterway transportation has been impressive, with a double-digit rate of about 10-12% per year. However, despite many advantages, the waterway system has not been efficiently utilized, commensurate with its poten
Vietnam ready to ride US investment wave

Vietnam ready to ride US investment wave

Vietnam is on the verge of seeing a massive influx of investments from the US, and stands ready to welcome the wave.
Investing in wages is investing in development

Investing in wages is investing in development

VCN - According to Dr. Bui Sy Loi (photo), senior expert of the Ministry of Labor, War Invalids and Social Affairs, former Deputy Chairman of the National Assembly's Committee on Social Affairs, the National Assembly's adoption of the reform policy salari
Mobile Version