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Q1/2023: Vietnam's rice exports increased sharply in volume and price

While many key commodities recorded a sharp decline due to the absence of orders, rice exports still maintained a high growth momentum and became a bright spot in the export picture in the first months of 2023.

According to estimates by the General Statistics Office, Vietnam's rice exports in the first quarter reached the highest level in the past 12 years with nearly 1.8 million tons, worth $952 million, up 19.3% in volume and 30.2% in value over the same period last year.

In March alone, rice exports were estimated at 900 thousand tons, worth $480 million, which increased by 68.3% in volume and 67.6% in value over the previous month, at the same time, 69.3% in volume and 82.3% in value over the same period last year.

Along with the increase in demand, the export price of rice is also standing at a high level with an average of $533 per ton in March, down 0.5% compared to February but up 7.6% over the same period last year. In the first quarter, the export price of rice reached an average of $531 per ton, up 9.2% ($45 per ton) over the same period last year.

As of the end of March, the price of Vietnam's 5% broken rice fluctuated in the range of $468 - $472 per ton, up $25 per ton compared to the end of last month; Jasmines rice price also increased by about $10 per ton to $548 - $552 per ton.

In 2023, Vietnam's rice industry is expected to benefit from high rice prices due to high demand, and the profit margins of rice businesses will also expand thanks to lower input costs.

(Enterprises & Business)

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