Vietnam is the third largest rice exporter in the world, ranking behind India and Thailand in the global rice trade. Different varieties of Vietnamese rice enjoy strong global demand all year round and this has helped the Asian nation rank itself amongst the top 10 rice exporters of the world. The significance of rice exports in Vietnam’s economy is such that in the month of April itself, the Asian nation earned 573.9 million USD through rice exports and this has helped Vietnam grow its rice exports by 54.5% in value in the first four months of 2023.

Facts And Figures

Ministry of Agriculture and Rural Development (MARD) in a statement said that approximately 1.1 million tonnes of rice was exported by the rice exporters of Vietnam in the month of April, 2023 resulting in a foreign inflow of 573.9 million USD.

As a result, combinedly, Vietnam has exported 2.95 million tonnes of rice in the January-April period and have thus grown its rice exports by 43.6% in volume and 54.5% in value, in comparison to last year.

Vietnamese Agro-Products Receive Mix Global Response

Along with Vietnamese rice which witnessed a strong global demand, agro-products like coffee, cashew nuts and fruits and vegetables also saw a robust demand from different global markets. Talking of coffee, Vietnamese coffee exports grew by 2.5% in the January-April period while cashew nuts and fruits and vegetable exports grew by 3.4% and 19.4% respectively.

However, all things haven’t been rosy for Vietnam. While exports of tea, coffee, cashew nuts, fruits and vegetables grew on one hand, black pepper and cassava products witnessed a drop. Lacklusture global demand has led to a drop more than 10% in black pepper exports during the January-April period, while the drop has been more than 12% in case of cassava products. 

Global Markets And The Demand They Showcased For Vietnamese Agro-Products

In the first quarter of 2023, the Philippines remained the largest rice importer for Vietnam, accounting for 45.9% of the total rice market. During the period, the Philippines imported 893.3 thousand tonnes of rice, an increase of 32.9% as compared to a year ago. However, on the other hand, Vietnam lost the rice market of Ivory Coast in the January-March period. Vietnam’s rice export value to the Ivory Coast dropped by 70.9%, its sharpest decline in years.

The Bottom Line

Vietnam is one of the leading rice exporters in the world and as data suggests, by exporting high volumes of rice in April, the Asian nation has grown its rice exports by 43.6% in volume and 54.5% in value in the first four months of 2023. Strong global demand and high rice prices have helped the country achieve this feat and experts believe, ground is fertile for Vietnamese rice exports.

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