Vietnam's rice exports hit a historical record, bringing in 4.78 billion USD. However, in 2023, our country also spent nearly 900 million USD on rice imports.

According to the Ministry of Agriculture and Rural Development (MARD), in 2023, our country exported about 8 million tons of rice, with a value reaching 4.78 billion USD, an increase of 38.4% compared to 2022. Accordingly, rice became the third highest export commodity in the agricultural sector, only behind wood and wood products, and seafood.

The export price of rice in the past year also set a historical record, reaching 663 USD per ton, leading the major exporting countries in the world.

Vietnam's rice exports to almost all major markets increased significantly. Among them, rice exports to the Philippines reached 1.75 billion USD, an increase of 17.4% compared to last year. This was also Vietnam's largest rice export market in the past year.

Rice exports to the Chinese market also increased by 30.7%, reaching 530 million USD.

Notably, rice export orders to Indonesia surged, reaching a turnover of 640 million USD, an extraordinary increase of 992% compared to 2022. Consequently, Indonesia rose to become Vietnam's second-largest rice customer, only after the Philippines.

Despite being a major rice exporter in the world, in 2023, our country also spent 860 million USD to import rice from other countries, mainly from Cambodia and India...

Experts and businesses say that Vietnam's rice production meets consumption needs, ensuring food security and a large surplus of rice for export. However, our country still imports some rice products from other countries to serve processing production needs and animal feed.

According to the MARD, in 2023, Vietnam's rice industry still had a trade surplus of nearly 3.92 billion USD.

Many forecasts show that the domestic and international rice market will continue to be vibrant in the near future, but rice supply will fall short of demand. Vietnam's rice export prices in 2024 are expected to remain high and could exceed 700 USD per ton.

Source: Vietstock