Intimex Group Joint Stock Company, Vietnam Northern Food Corporation Ltd, and Thanh Tin Service and Trade Company Limited are Vietnam’s top 3 rice exporters in January 2022. The three companies had a combined export turnover of 70.084 thousand USD.
According to the General Department of Customs data, in February 2022, Vietnam exported 468.92 thousand tons of rice, worth 223.34 million USD. The average export price was 476.3 USD/ton. In general, Vietnam’s rice exports were down 10.1% in volume, 12.8% in turnover, and 2.1% in price compared to January 2022.
Generally, in the first two months of 2022, rice exports increased by 49.2% in volume and 31.1% in value over the same period last year, reaching 974.56 thousand tons, worth 469.29 million USD.
In February 2022, the Philippines still ranked first in Vietnam's rice consumption, reaching over 305.2 thousand tons, worth 140.1 million USD, a sharp increase of 254.8% in volume and 203% in turnover compared to February 2021; accounting for 65.1% of the total volume and 62.8% of the total rice export turnover of Vietnam.
China ranked second with 44.8 thousand tons, equivalent to 21.8 million USD, accounting for nearly 10% of the total volume and total turnover.
The Ivory Coast market ranked third with 36.3 thousand tons, worth 14.6 million USD, up 81.4% in volume, up 45.6% in turnover, accounting for 7.7% of the total volume and accounting for 7.7% of the total volume. 6.7% of the total rice export turnover of the country.
In the first two months of 2022, Vietnam's rice exports increased sharply, thanks to an increase in export to the Philippines market. Rice exports to the Philippines rose by 110.7% in volume and 81.9% in turnover compared to the same period last year, reaching 539.23 thousand tons, worth 250.34 million USD. The Philippines accounted for 55.3% of Vietnam's total rice exports in the first two months of 2022, a sharp increase from the 39.2% market share of the same period last year.
The amount of rice exported to the Ivory Coast increased by 3.2 times compared to the first two months of 2021, reaching 95.95 thousand tons. Currently, the Ivory Coast has surpassed China and is Vietnam's second-largest rice export market.
In addition, rice exported to Malaysia and the UAE also increased strongly from 2.2 to 2.7 times over the same period last year.
Meanwhile, the amount of rice exported to the Chinese market in the first two months of this year dropped sharply by 48.4%, to 81.88 thousand tons. Exports to Hong Kong, Ghana, and Singapore markets also decreased compared to the same period last year.
Although the rice price is in a downward trend and is unlikely to reach a high level in 2021, it is expected that Vietnam's rice export activities in the coming months will still achieve positive results. After a period of closure against the pandemic, many countries will reopen and increase imports to ensure consumption and national reserves.
In addition, rice exports to Europe are expected to rise immensely this year thanks to the EU-Vietnam Free Trade Agreement (EVFTA). According to the commitments in the EVFTA, the EU will give Vietnam an export quota of 80,000 tons of rice/year and completely liberalize broken rice. Rice exports to the EU promise to grow positively in quantity and quality if Vietnamese enterprises seize this opportunity.
As for the world's largest market, China, data from the US Department of Agriculture shows that by mid-2022, this country will store up to 60% of rice. In addition, the quality of Vietnamese rice is improving markedly. These factors will make an important contribution to bringing the total rice export volume of Vietnam in the whole year of 2022 to about 6-6.2 million tons, equivalent to the amount exported in 2020 and 2021.
Meanwhile, the conflict between Russia and Ukraine is not expected to affect Vietnam's rice exports because these two markets account for a small proportion of Vietnam’s total rice imports. Rice exporters can benefit when the price of rice and import demand may increase when the supply of grain from Russia and Ukraine is interrupted, causing buyers to switch to other substitutes, including rice.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit
