Recently, the rice is only short-term; This upward trend will continue in 2024 in the case of limited circumstances, which analysts say offers a significant opportunity for Vietnam's rice exports.
According to the Vietnam Food Association, the country's rice exports were sideways after a large margin. Over the past week, 25% of broken rice*** has risen by $20 to $584 per tonne, and 5% of broken rice** has fallen by $19 to $609, slightly lower than in Thailand. At the same time, the price of 100% broken rice** is US$508 per tonne, which is US$25 per tonne higher than in Thailand.
Under the psychology of waiting for a clearer market trend in the rice import plan of the importing country, rice **is**.
In addition, Hoàng TR, an agricultural expert in Vietnam, said that the main winter and spring crops, which are usually of good rice quality and yield, will arrive in two weeks, which will have a significant impact on the trend of rice**.
Enterprises are waiting for the upcoming harvest season, preparing for the signed contracts and developing a ** framework for export contracts for the second half of the year.
Farmers also tend to wait for a better time to have higher expectations for their rice, and El Niño is increasing concerns about global rice support.
The USDA has put the 2023-24 global rice season from 51.8 billion tonnes was revised down by 4.5 million tonnes. At the same time, demand is estimated at 52.2 billion, which means a shortfall of about 4 million, which will keep the 2024 rice** at a high level.
Rice importers know that Vietnam is heading for the biggest rice harvest of the year, so they are not in a hurry to buy it, but are waiting for a good one.
The psychology of waiting lasts for a short time. However, due to India's rice export restrictions and the impact of the El Niño phenomenon on agriculture, the trend of rice will continue in 2024.
In fact, very few businesses have the ability to stock up on rice in terms of funding. It is necessary to increase loans to create favorable conditions for enterprises to obtain credit for the purchase of rice in a reasonable manner, which will help them to be more active in securing exports and building relationships with farmers.
Nguy n NH c Director of the Department of Crop Production at the Ministry of Agriculture and Rural Development said that Vietnam aims to maintain 7.1 million hectares of rice cultivation in 2024, with a total output of 43 million tons and exports of at least 8 million tons.
According to Seasia Stats, Vietnam is the world's third-largest rice exporter, with 7.6 million tonnes exported in 2023-24, behind India with 16.5 million tonnes and Thailand with 8.2 million tonnes.
The latest update from the General Administration of Customs shows that as of February 15, Vietnam exported 663209 tons of rice, with a total revenue of 4$66.6 billion. Rice exports averaged 703 per tonne$50, compared to the same period last year**3365%。
In 2023, Vietnam exported 8.1 million tons of rice in 2023, earning 46$800 million, an increase of 35 percent over 20223% and 144%。
ASEAN is Vietnam's largest rice export market, accounting for 61% of the country's rice exports. Vietnam's rice is also exported to China and Ghana.
Indonesia will import more rice, an opportunity for Vietnam – Indonesia** decided this week to increase its 2024 rice import quota by 1.6 million tonnes to make up for the shortfall caused by the impact of El Niño on rice production in 2023, bringing total rice imports to 3.6 million tonnes.
In addition to the 500,000 mt rice tender on January 17, Indonesia is expected to continue to open more rice tenders, with Vietnamese companies likely to win about two-thirds of the volume. Vietnamese businesses should pay close attention to these initiatives to take advantage of the opportunity to expand rice exports to the market, the Vietnam** office said.
In January, Indonesia was Vietnam's third-largest rice export market, with Vietnam's output at 27,250 tonnes at 663 per tonne$3 average** calculation, worth $18.08 million. In 2023, Indonesia imported 1.17 million tons of rice from Vietnam, worth 6402.5 billion US dollars, an increase of 878% and 992% respectively.