Vietnam’s rice exports soared to 8.13 million tons, valued at US$4.7 billion in 2023, setting a new national record, as per the General Department of Customs.
This marked a 14.4% increase in volume and a 35.3% rise in value from the previous year, despite challenges from the El Nino weather pattern.
The export surge is partly attributed to India’s export ban on non-basmati white rice, which has affected global rice trade.
India, a major player in the global rice market, contributes 40% to the worldwide rice trade. Its largest buyers include Iran, Saudi Arabia, and China.
In 2023, several countries increased their rice imports from Vietnam as the global supply dwindled. A rice export business director from Dong Thap Province said some countries that typically imported little rice from Vietnam began placing substantial orders.
The ongoing Indian export ban has left many countries seeking reliable rice sources, creating an optimistic outlook for Vietnam’s rice exports in 2024.
In 2023, the Philippines was the largest importer of Vietnamese rice, purchasing 3.1 million tons, followed by Indonesia, China, and Ghana. Vietnam now is the world’s fifth-largest rice producer and third-largest exporter.