19-Vietnam's Rice Exports Reach Record Revenue with Surging Demand

1. Vietnam's Rice Exports Reach Record Revenue with Surging Demand Vietnam's Rice Exports Reach Record Revenue with Surging Demand In the initial nine months of the year 2023, Vietnam has achieved an unprecedented milestone in its rice export sector, as reported by the Ministry of Agriculture and Rural Development. Remarkably, the nation garnered a staggering USD 3.66 billion from the exportation of rice, marking an impressive surge of 40.4 percent in comparison to the previous year's statistics. This exceptional feat can be attributed to a variety of factors, the foremost being the meteoric rise in the price of Vietnamese rice on the global market. It is interesting to note that over the same period in the preceding year, the average price per ton of exported rice from Vietnam stood at USD 553, signifying a substantial increase of 14 percent compared to the corresponding period of the preceding year. This upward price trajectory has been pivotal in elevating Vietnam's rice suppliers revenues to unprecedented heights. The Philippines emerged as the leading patron of Vietnamese rice, accounting for a substantial 40.3 percent of the total rice export, followed closely by China and Indonesia, which constituted 13.5 percent and 12.4 percent of the export share, respectively. Interestingly, Vietnam's success story extended beyond these Asian markets, finding resonance in distant corners of the globe. European Union countries such as Poland, the Netherlands, Spain, and Belgium, along with African nations like Ghana and Angola, contributed significantly to Vietnam's surging rice export figures. What lies on the horizon for Vietnam's rice export industry is equally promising. According to Tran Thanh Hai, Vice General Director of the Export-Import Department under the Ministry of Industry and Trade, the price of exported rice is anticipated to maintain its upward trajectory until the year's end.

2. A sustained demand for rice im A sustained demand for rice imports in major consumer markets ports in major consumer markets This projection is underpinned by the sustained demand for rice imports in major consumer markets, including the Philippines, China, Indonesia, Malaysia, and various African nations. Adding to the equation is the limited supply of rice from leading global rice exporters such as India and Pakistan, which further elevates Vietnam's standing in the international rice trade landscape. The President of the Vietnam Food Association (VFA), Nguyen Ngoc Nam, highlighted the substantial room for expansion in rice exports. This expansion is particularly worth paying attention as the Philippines anticipates importing an additional 1.1 million tons of rice, while Indonesia plans to procure a staggering 2.3 million tons by year-end. Furthermore, China, a behemoth in the rice import scene, is poised to augment its demand for rice imports during the remaining months of the year. On account of these favourable conditions, it is imperative for rice exporters to craft and implement appropriate strategies to ensure that they can continue to meet the escalating demands of the international market. The convergence of factors, from rising global rice prices to increasing demand from key markets, has positioned Vietnam as a formidable player in the global rice export arena, and the outlook for the industry remains exceptionally promising as the year progresses. Conclusion: Conclusion: In conclusion, Vietnam's rice export sector has witnessed remarkable growth in 2023, with a 40.4 percent surge in revenues, largely driven by soaring global rice prices. The Philippines, China, and Indonesia played pivotal roles as leading importers. The future looks promising, with sustained demand and limited supply from other exporters. Vietnam's rice industry is poised for continued success and expansion in the international market. Tradologie.com offers the best platform for your needs if you're a rice importer looking to buy rice in bulk or a rice exporter looking to export rice in bulk. With the help of Tradologie.com, bulk rice trade is possible for all types. Tradologie.com platform makes it possible for customers to purchase rice, sugar, wheat, and spices, among other high-quality agricultural products, at flexible prices. Tradologie.com is a digital platform that connects buyers and sellers of bulk agro commodities across the globe. With the use of technology, Tradologie.com ensures seamless transactions between agro- exporters and importers. With 70,000+ certified suppliers from more than 100 countries and 600,000+ verified buyers worldwide, Tradologie.com is expanding quickly. If you want to register as a buyer, click here, If you want to register as a seller, click here. To stay updated about the latest developments in the agro-trading sector, follow Tradologie.com on all social media platforms.