Rice exports surge 40.8% in volume over five months

Vietnam earned US$2.02 billion from shipping 3.9 million tonnes of rice abroad in the first five months of the year, marking year-on-year increases of 49% in value and 40.8% in volume, respectively.

According to the Ministry of Agriculture and Rural Development, the average export price of rice also rose 5.8% to stand at US$517 per tonne.

The Philippines was the largest importer of Vietnamese rice during the reviewed period, purchasing 1.29 million tonnes for US$647.5 million from the market, up 40.6% in volume and 53.4% in value from the same time in 2022.

The strongest growth was recorded in rice shipments to Indonesia which leapt up by 26.3 times. Meanwhile, the market with the largest decrease in Vietnamese rice export value was the Ivory Coast which fell by 49.8%.

The Vietnam Food Association (VFA) recently outlined that there is positive outlook ahead for Vietnamese rice exports in the remaining months of the year due to the demand for food reserves rising.

Furthermore, China’s recent reopening is expected to create favourable conditions for rice exporters in the near future.