Vietnam’s Rice Exports Surge in 2024

The General Department of Customs (GDC) revealed that by mid-September, Vietnam’s rice exports reached 6.5 million tons, generating $4.06 billion in revenue.

While the volume rose by 6.2% compared to the previous year, the value saw a significant increase of 21.2%, adding $710 million.

Vietnam’s rice is particularly popular in Southeast Asia, with the Philippines, Indonesia, and Malaysia being the top buyers.

In the past eight months, the Philippines imported 2.81 million tons of rice for $1.72 billion, marking a 19.6% increase in volume and a remarkable 39.8% rise in value.

Indonesia has also been a steady importer, purchasing 913,900 tons worth $557.8 million in the first eight months of 2024, which is a 27.3% increase in volume and a 54.4% increase in value.

During the same period, Malaysia imported 582,900 tons for $345.9 million, resulting in an impressive 112% jump in quantity and 152.8% in revenue.

With this increase, Malaysia has overtaken China to become Vietnam’s third-largest rice market.

The GDC noted that the average export price in the first eight months of 2024 was $625 per ton, reflecting a 14.8% hike.

According to the Vietnam Food Association (VFA), as of September 17, prices were $565 per ton for 5% broken rice, $535 for 25% broken, and $455 for 100% broken rice.

Experts suggest that predicting rice prices for the remainder of the year is challenging, although they anticipate prices will remain stable due to reduced export reserves.

If 2024’s exports match those of the previous year, Vietnam may send out 1.5 million tons of rice over the next 3.5 months. However, flooding from a recent typhoon has damaged 200,000 hectares of northern rice fields.

Southeast Asian nations continue to express their intention to import more rice this year, with the Philippines looking to acquire an additional 1 million tons from Vietnam.

Indonesia, the second-largest buyer, is seeking suppliers for 500,000 tons of rice in September, with delivery scheduled for October and November.

There remains a high demand in the market for 5% white broken rice from the 2023-2024 crop, specifically sourced from Vietnam, Thailand, Myanmar, Cambodia, or Pakistan.