In March alone, rice exports helped Vietnam earn nearly $509 million, a remarkable increase of 93.5% compared to the same period last year. China and the Philippines were among the countries that bought a large amount of Vietnamese rice.
According to preliminary statistics from the General Department of Customs, Vietnam’s rice exports in March 2023 earned nearly $509 million, a dramatic increase of 93.5% compared to March 2022. By the end of the first quarter of 2023, Vietnam had exported more than 1.85 million tons of rice, reaching $981.4 million, an increase of 23.4% in volume and 34.3% in value compared to the same period last year.
The average export price of rice in the first three months of 2023 is estimated to reach $531 per ton, an increase of 9.2% compared to the same period in 2022 – the highest level in the past 10 years. In particular, the average export price of rice to China reached $589 per ton, an increase of more than 18% compared to the same period last year.
The Philippines remains the largest customer of Vietnamese rice exports. In March, rice exports to this market reached $245.7 million, a remarkable increase of 295% compared to March 2022. Cumulatively in the first quarter of 2023, rice exports to the Philippines reached $450.4 million, an increase of nearly 45% compared to the same period last year, accounting for 45.8% of Vietnam’s total rice export value.
Vietnam’s rice exports increased sharply (Photo: Hoang Ha)
Rice exports to China in March also reached $109 million, an increase of 118% compared to March last year. In the first quarter of 2023, rice exports to this market with over 1.4 billion people helped Vietnam earn $199 million, an increase of 119% compared to the same period in 2022. China has become the second-largest market for Vietnamese rice consumption in the first quarter of 2023.
The fact that China and the Philippines bought a large amount of Vietnamese rice in March helped the rice industry shift from negative growth in the first two months of the year to positive growth in the first quarter of 2023.
In Vietnam, at the end of March, the price of 5% broken rice was $450 per ton, an increase of $5 per ton compared to $440-445 per ton at the beginning of the month. According to traders, the rice price increased due to the recovery of shipments to China, and Indonesia and the Philippines were also buying more to improve their national reserves.
The State Bank of Vietnam’s move to cut interest rates has also stimulated export activities, including rice exports.
Experts in the industry believe that Vietnam’s rice exports will continue to be favorable. In the short term, rice prices will remain good due to global economic and political instability, which increases the demand for food reserves. This is a factor that will benefit rice businesses in the near future.
@Vietnamnet
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