Rice Export in 🗓️ 2023 and Q1-2024: A Successful Conference in Can Tho
The Ministry of Industry and Trade hosted a highly successful conference in Can Tho to discuss rice exports in 2023 and Q1-2024.
🗓️ Q1-2024 Rice Export Results:
• Export Volume: Rice exports surpassed 2.18 million tons, equivalent to USD 1.43 billion. This represents a 17.6% increase in volume, a 45.5% increase in export value, and a 23.6% increase in price compared to the same period in 2023.
• Market Dominance: Vietnam emerged as the leading rice exporter to Singapore, with export value soaring by 80.46% compared to the same period in 2023.
Notable Highlights 🌈:
• High-Value Rice Surge: High-value rice varieties, including fragrant rice, ST rice, premium white rice, and japonica rice, experienced a significant surge in demand.
• Free Trade Agreement Utilization: Enterprises effectively leveraged new-generation Free Trade Agreements to expand market reach into Europe.
• Stringent Market Compliance: Vietnamese rice successfully met the stringent requirements of discerning markets.
Challenges to Address ⭐:
• Market Stability: The export market remains vulnerable due to overreliance on a few traditional markets.
• Market Development Support: Market development efforts require further enhancement to match the sector's growth potential.
• High International Freight Rates: The impact of high international freight rates on export costs needs to be addressed.
Forecasts and Directions 📢:
• Potential Demand Decline: Rice import demand in major markets like the US and EU may decline due to the effects of inflation and rising unemployment rates.
• Market Monitoring: Close monitoring of market conditions is crucial to formulate effective export strategies.
• Niche Market Focus: Prioritize untapped niche markets with high potential, such as the EU, South Korea, and the US.
• Market Information Enhancement: Strengthen market intelligence and provide comprehensive support to rice exporters.
Conclusion ➡️:
While rice exports in Q1-2024 have shown positive results, several challenges remain. Sustainable and effective export promotion strategies are essential to contribute to global food security.
