According to the Ministry of Agriculture and Rural Development (MARD), Vietnam made close to $5.8 billion in revenue from the export of 9.01 million tons of rice in 2024. Compared to the prior year, this represents a remarkable 23.1% increase in value but a modest 10.9% increase in export volume.
Record-Breaking Rice Exports
Since Vietnam started exporting rice in 1989, the 2024 figures show the highest export volume and value. Due to its high quality and its position as the most costly of the world's top exporters for a large portion of the year, Vietnamese rice continues to command a premium on the international market.
Compared to the same period in 2023, the average export price of Vietnamese rice in the first 11 months of 2024 was $626 per ton, a 12% increase. But in recent days, prices have dropped unexpectedly.
Prices Fall as Supply Pressures Rise.
According to data from the Vietnam Food Association (VFA), the price of 5% broken rice fell sharply to $485 per ton on December 23. Vietnamese rice export prices have not been this low since June 2023.
Vietnamese rice prices have dropped below Thai prices for the first time in months, with a $16/ton difference for similar 5% broken rice. Additionally, the cost of 25% and 100% broken rice decreased, coming down to $458 and $388 per ton, respectively.
Market Conditions and Prospects
The recent price decline, according to analysts, is the result of increased supply and fiercer competition from Thailand and India. The market for white rice is under pressure from increased competition and changing regulations in major importing nations, while the demand for fragrant rice is stable in important markets like the Philippines and Africa.
Two of Vietnam's biggest rice consumers, Indonesia and the Philippines, are anticipated to cut back on imports in 2025.
REFERENCE- vietnamnet.vn