[NEWS] – Rice exports have good news

Although the turnover decreased, the average export price of rice in the first two months of 2023 was estimated at 528.5 USD/ton, up 9.8% over the same period in 2022.

According to the General Department of Customs, rice exports in February 2023 were estimated at 430 thousand tons with a value of 231 million USD. Accumulated in the first 2 months of the year, rice exports reached 789 thousand tons and 417 million USD, down 18.8% in volume and 10.8% in value over the same period in 2022. However, the price of exported rice on the average of the first 2 months of 2023 is estimated at 528.5 USD/ton, up 9.8% over the same period in 2022.

According to the Ministry of Industry and Trade, rice is one of the commodities with high export prices in the first two months of the year compared to the same period last year.

It is worth noting that in February 2023, the export price of rice in key markets in Asia was mixed. While Thailand’s export rice prices fell, Vietnam and India’s rice prices rose to their highest levels in nearly two years on strong demand even as global supply risks remain.

Entering March, all countries have a significant demand for food reserves. In addition, the main export product is fragrant rice, high quality, so it has a good selling price. Besides, Vietnam’s rice export activities in 2023 are also forecasted to have many advantages in terms of context; the effects of climate change and drought in the US, Europe, and China are putting the rice supply in short supply. India imposes a ban on broken rice exports and charges a 20% tax on white rice varieties.

Although the turnover decreased, the average export price of rice in the first two months of 2023 was estimated at 528.5 USD/ton, up 9.8% over the same period in 2022.

In addition, the demand in traditional markets such as Indonesia, and Bangladesh ... increased again, plus China opened the market after the COVID-19 epidemic, and import demand is expected to return as in years. Along with that, the quality of Vietnam’s rice exports is increasingly improved, and all countries have a demand to import from Vietnam.

With the EU market, under the EVFTA Agreement, Vietnam is granted a quota of 80,000 tons, of which 30,000 tons of white rice, 30,000 fragrant rice, and 20,000 tons of brown rice. Therefore, export rice orders that are in the above list are exempt from the tax of ER 175/ton. This is a huge advantage for importers. Therefore, businesses should find ways to increase production and types of rice to take full advantage. Therefore, Vietnam’s rice export forecast in 2023 is about 6.5-7 million tons of rice.

The director of the Import-Export Department under the Ministry of Industry and Trade said that China’s reopening of the market is a positive signal for rice exporters in 2023. However, the rice export market still faces difficulties. Potentially related to high sea freight rates, high input prices for rice production as well as conflict situations in some regions of the world affecting the prices of other food commodities.

Source: Collector