Vietnam’s rice export value rose 30.2% in the first quarter despite export volume falling 19.2%.
According to a Ministry of Agriculture and Rural Development report, the country shipped 1.79 million tons of rice worth $952 million abroad in the period.
The average export price reached $531 a ton, up 9.2% over the same period in 2022. The hike is mainly because shipments to China are recovering, and Indonesia is also buying more to build up national reserves.
At a conference on rice exports at the end of February, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association (VFA), predicted that rice prices will remain high in the second quarter.
According to the UN Food and Agriculture Organization (FAO), many countries are at risk of drought in the second half of the year, so food production may decline. As a result, they are increasing the purchase of rice to ensure food security.
This is an opportunity for Vietnamese rice exports to benefit, said experts.