A European country recently spent nearly 185 times more to purchase Vietnamese rice at exorbitant prices in January.

Following record-breaking figures in 2023, Vietnam’s rice sector continued to receive positive news with a significant increase in rice exports in January. In just one month, Vietnam exported 512,265 tons of rice, earning over $362 million. Compared to the same period last year, rice exports increased by 42% in volume and surged by 94% in value.

The average export price of rice reached $707 per ton, up slightly by 3% from December 2023.

In January, the Philippines remained the largest importer of Vietnamese rice with nearly 280,944 tons, valued at approximately $194.28 million. The average export price of rice to this market was $691 per ton.

Notably, France unexpectedly surpassed Indonesia and China to become the second-largest customer for Vietnamese rice. France spent $18.64 million to purchase 17,919 tons of rice in January 2024.

Compared to the previous month, rice exports to France surged by 16,339% in volume and 18,356% in value. In January 2023, France did not import any rice from Vietnam.

The average export price of rice to France was $1,040.2 per ton – the highest among all of Vietnam’s export markets in the past month.

Recently, the export price of Vietnamese rice has dropped sharply. Data from the Vietnam Food Association shows that on February 22, the price of 5% broken rice fell to $609 per ton, while the price of 25% broken rice also decreased to $584 per ton.

According to some exporters, the current harvest season in 2024 has led to a plentiful supply, causing importers to delay their orders in hopes of even lower prices. This is partly why the export price of Vietnamese rice has suddenly dropped significantly.

However, this downward trend in rice prices is expected to be short-lived. Enterprises with sufficient financial resources will purchase rice and sell it after the harvest season ends.

Source: Vietstock