The average export rice prices reached $ 626/ton

According to the Ministry of Agriculture and Rural Development, the total rice export volume in the first 10 months of 2024 reached nearly 7.8 million tons, with a turnover of $ 4.86 billion, up 10.2% in volume and 23.4% in value compared to the same period in 2023. The average export rice price over 10 months exceeded $ 626/ton, an increase of 12% year-on-year.

Mr. Do Ha Nam, Vice Chairman of the Vietnam Food Association, stated that 2024 will continue to be a year of significant rice export volumes for Vietnam, exceeding 8 million tons, with export value expected to surpass $ 5 billion—the highest ever recorded. Additionally, the average export rice price could also reach its highest level, above $ 600/ton. This will help domestic rice prices remain high and relatively stable.

Other experts also predict that, with the export pace over the past 10 months and domestic production capacity, rice exports this year will surpass 8 million tons, exceeding the record set in 2023.

The Philippines remains Vietnam's largest rice market, accounting for over 45% of the total share. By the end of October 2024, the Philippines imported 2.91 million tons of rice from Vietnam, representing more than 79% of the Philippines' total rice imports of 3.68 million tons. The next largest markets are Indonesia and Malaysia. Among Vietnam's top 15 rice export markets, Malaysia saw the highest increase in export value, rising 2.3 times.

The Vietnam Trade Office in the Philippines forecasts that the Philippines' total rice imports for 2024 will exceed 4 million tons.

While rice exports hit record highs, Vietnam's rice imports in the first 10 months of 2024 also saw an unprecedented surge. Vietnamese enterprises spent nearly $ 1.2 billion on rice imports, an increase of 72.9% compared to the same period last year and far surpassing the $ 860 million total for 2023.

In October 2024 alone, rice import value surged, reaching 148 million USD, up 225% compared to October last year. Thanks to robust exports, the rice sector achieved a trade surplus of approximately $ 3.66 billion in the first 10 months of the year.