Rice exports setting records and continuing upwards

The SS Rice News Convention 2024 took place in central Da Nang city on March 6, attracting the participation of over 400 importers, exporters, and providers of ancillary services in the rice industry along with leading experts and researchers from 30 countries worldwide.

Speaking at the conference, Mr. Nguyen Anh Son, Director of the Foreign Trade Agency at the Ministry of Industry and Trade, said rice is an essential commodity and consumed by half of the world’s population each day, giving it a crucial role in ensuring food security.

Vietnam is one of the three largest rice exporting countries globally, accounting for about 15 per cent of total global exports. Any changes in policies, fluctuations in supply and demand, and pricing trends will therefore directly impact the local industry.

Mr. Son also announced that, in 2023, thanks to effectively leveraging Vietnam’s free trade agreements (FTAs), rice production and exports reached a record in both volume and productivity. Total export turnover for the year amounted to $4.78 billion, for a significant 36.6 per cent increase compared to 2022 and the highest for several years.

Despite ongoing global challenges, he said, there have been optimistic signs for rice exports in the opening months of 2024.

Rice exports in January stood at $362 million, representing a 7 per cent increase year-on-year. Rice prices are also expected to continue rising throughout the year due to tightening supply.

This is especially true due to ongoing export restrictions in India. Many delegates also believe the onset of the El Niño weather pattern and its impact on major rice-growing regions will increase concerns about supply.

“The opportunities are immense for both the industry and businesses in Vietnam, but with opportunities come challenges,” Mr. Son told the conference.