🌾 Golden opportunity for Vietnamese rice amidst India's ban
Since the beginning of this year, El Nino has significantly affected crop yields, leading to a reduction in global rice supply. Many countries have been racing to import rice to boost their reserves, driving rice prices higher.
Adding to this, recently on July 17, 2023, Russia withdrew from the "Black Sea Grain Initiative," putting further pressure on the prices of various commodities, including rice. Furthermore, India imposed a ban on the export of non-basmati white rice from July 20, 2023, aiming to ensure domestic supply and curb the surge in food prices.
According to The General Department of Vietnam Customs, Vietnamese rice exports have seen a remarkable increase in the first six months of the year, with a 21.3% rise in volume and a 32.2% surge in value compared to the same period last year. The total export reached nearly 4.24 million tons, equivalent to 2.26 billion USD. Many companies have recorded significant growth in their export volumes during this period.
Source: Agricultural Industry Report - July 2023