Rice export soars to record high in 2023

2023 is a successful year for Vietnam’s rice shipment as export volume and prices hit an all-time high of 8.3 million tonnes and 4.78 billion USD.

According to the Ministry of Agriculture and Rural Development, the total rice output in the country increased 1.9% to 43.5 million tonnes, meeting both domestic demand and export.

Export prices averaged 663 USD per tonne as a result of high demand.

The year was full of difficulties for rice export as geo-political conflicts in the world disrupted food and input material supply. The El Nino phenomenon, which posed a risk of contraction in food production, has triggered some countries’ concern over supply for domestic demand. The suspension of grain export by countries such as India, the UAE, and Russia also caused big supply pressure, thus mounting concern in the global food market.

However, as a leading exporter of farm produce, particularly rice, Vietnam still managed to guarantee national food security and export growth.

Under the strategy on developing rice export markets of Vietnam until 2030, agricultural authorities are ordering localities and key rice farming zones to conduct restructuring to produce more quality grain for export and raise the added value.

The quality of Vietnamese rice in the global market has also been further affirmed after the ST25 variety once again obtained the “World’s Best Rice” title recently.

Rice exporters said as global supply is still low, demand for Vietnamese rice will surge in 2024, especially from the Philippines and China.