Export of rice posts highest growth among key agricultural products

Rice exports in April 2023 were estimated at 1.1 million tonnes with a value of US$573.9 million, the Ministry of Agriculture and Rural Development reported.

The April figures have brought the total volume and value of rice exports in the first four months of the year to 2.95 million tonnes with US$1.56 billion, up 43.6% in volume and 54.5% in value over the same period last year. This is the highest growth rate among key agricultural product groups.

Some other agricultural products also posted higher export value than the same period last year such as vegetables and fruits (up 19.4%), cashew nuts (3.4%) and coffee (2.5%).

Meanwhile, exports of other products experienced a downward trend including rubber (down 20%); tea (5.8%); pepper (10%) and cassava and cassava products (12%).

The average export price of rice in the first 4 months of 2023 was estimated at US$526 per tonne, up 7.6% over the same period in 2022. In the first three months of the year, the Philippines was Vietnam's largest rice consuming market with 45.9% market share, buying 893,300 tonnes valued at US$450.4 million, up 32.9% in volume and 44.8% in value year on year.

In the group of 15 largest rice export markets, Indonesia recorded the strongest increase in value (up 177.4 times), while Ivory Coast showed the largest decrease of 70.9%.

Vietnam's 5% broken rice price was US$495-500 per tonne, the highest level since April 2021 and up US$50 per tonne from a month ago.

Traders said that demand for Vietnamese rice is still strong, while domestic supply is insufficient. However, importers including the Philippines are likely to slow down in buying.

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