According to data from the General Department of Customs, Vietnam’s rice exports in September 2022 reached 538.2 thousand tons, equivalent to a turnover of 275.31 million USD, down 1.6% in volume and 6.0% in turnover over September 2021.
In the first 9 months of 2022, Vietnam exported 5.37 million tons of rice, with a turnover of 2.61 billion USD, up 17.7% in volume and 7.9% in turnover compared to the same period in 2021.
The Philippines were Vietnam’s largest rice exporting market. In September 2022, rice exports to this market reached 184.8 thousand tons, equivalent to a turnover of 81.60 million USD. The exports were down 34.8% in volume and up 22.2% in turnover over September 2021.
In the first 9 months of 2022, rice exports to the Philippines reached 2.47 million tons, with a turnover of 1.14 billion USD, up 35.5% in volume and 22.2% in turnover compared to the same period in 2021. The amount of rice exported to the Philippines in the first 9 months accounted for 43.9% of Vietnam’s total rice export turnover, higher than the percentage of 38.8 in the same period in 2021.
The second-largest rice exporting market of Vietnam was China. In September 2022, Vietnam exported 105.57 thousand tons of rice to China, with a turnover of 50.2 million USD, down 5.5% in volume and up 5.1% in turnover compared to September 2021.
In the first 9 months of 2022, Vietnam’s rice exports to China were 626.01 thousand tons, equivalent to a turnover of 319.41 million USD, down 26.0% in volume and 24.6% in turnover over the same period in 2021.
Ivory Coast was Vietnam's third largest rice export market. In September 2022, Vietnam's rice exports to Ivory Coast reached 58.21 thousand tons, worth 25.37 million USD, up 213.9% in volume and 158.0% in value compared to September. 2021.
In the first nine months of 2022, rice exports to Ivory Coast reached 546.98 thousand tons, worth 246.9 million, up 94.4% in volume and 71.2% in value over the same period in 2021.
In the first 9 months of 2022, rice export turnover increased sharply in some markets such as Senegal, Russia, Spain, Ivory Coast, and the US, which were up by 532.3%, 309.2%, 277.1%, 71.2%, and 67.0%, respectively.
In contrast, rice export turnover fell sharply in some markets, such as Bangladesh, Turkey, Ukraine, Belgium, and Chile, which were down 97.8%, 73.9%, 70.9%, 53.0%, and 34.2%, respectively.
Vietnam's rice exports strive to reach about 6.3 to 6.5 million tons in 2022. If met with no unfavorable factors, Vietnam's rice exports in 2022 are expected to meet and exceed the target.
The rice market is showing many positive signals when the order volume is higher. Mr. Pham Thai Binh, Director of Trung An High-tech Agriculture Joint Stock Company, said that the demand for rice imports in Asia increased by 15%, and the European market increased by 10%.
The main reason still comes from the impact of the COVID-19 epidemic and the Russia-Ukraine crisis, plus a widespread drought across the globe, causing food shortages, which have pushed up the demand for rice reserves in countries around the world. Global rice demand in the fourth quarter of 2022 tends to increase. Asian countries account for 90% of global rice production. Severe weather in this area has caused the supply of rice to run out.
India is a major rice supplier to China. However, India is looking to increase domestic supply reserves as India's acreage and output decrease this year. India has banned the export of broken rice and imposed a 20% export tax on other types of rice. That puts pressure on Chinese rice importers. Currently, there is a large amount of rice in stock at Indian ports that have not been exported because traders are not willing to pay the new price.
Meanwhile, China is expected to import a large amount of rice in the last months of 2022 and early 2023. That creates favorable conditions for Vietnam and several other countries exporting rice to China.
Although the export turnover of rice from Vietnam to France is still low, currently, Vietnamese rice is presented in two supermarket chains with more than 800 supermarkets across France. That shows that the quality of Vietnamese rice has been guaranteed, and is a premise for Vietnam to increase its market share in European countries in the coming time.
(First 9 months of 2022)
Intimex Group Joint Stock Company, Thanh Tin Service And Trade Company Limited, and Vietnam Northern Food Corporation Ltd were Vietnam’s top 3 rice exporters in the first 9 months of 2022, exporting 274,297 thousand USD, 198,443 thousand USD, and 139,512 thousand USD of rice, respectively.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit
