Rice and agricultural exports surge in January-September

HCMC – Vietnam has witnessed remarkable growth in rice and agricultural product exports during the first nine months of 2023, the Ministry of Agriculture and Rural Development said.

Agricultural exports this month have reached US$4.8 billion, a 22% increase compared to the same period last year. Farm produce accounts for US$2.45 billion, up by 46.9% year-on-year, while livestock exports are up by 32.6% to US$45.3 million.

Despite these gains, the overall agricultural export revenue for the nine-month period is US$38.48 billion, a 5.1% decline against the same period last year, largely due to substantial drops of 21.7% and 20.6% in fisheries and forestry exports.

In the year to date, farm produce exports have expanded by a staggering 71.8% versus the previous year to US$4.2 billion. Rice exports closely follow at US$3.66 billion, up by 40.4%.

The demand for Vietnamese produce may rise further, especially in major markets like China, Japan, and the U.S., the online news site thanhnien.vn quoted Hoang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, as saying.

Nguyen also highlighted that durian exports to China have contributed significantly to the growth in the farm produce sector, with the export value potentially reaching US$5.5 billion by year-end.

The Ministry of Industry and Trade has provided data on rice exports, primarily destined for countries within the Regional Comprehensive Economic Partnership (RCEP). Rice exports to RCEP nations in the first eight months have totaled 4.24 million tons, valued at US$2.25 billion, up by 31.4% in volume and 46.3% in value versus the same period in 2022.

Notably, Chile has imported 7,123 tons of rice worth US$3.3 million from Vietnam during this period, a substantial increase of 4,114% in volume and 2,708% in value year-on-year.

However, the Ministry of Industry and Trade has cautioned exporters to exercise prudence due to the prevailing volatility in rice prices. Businesses are encouraged to fulfill their contracts and explore new markets for Vietnamese rice.

The post Rice and agricultural exports surge in January-September appeared first on The Saigon Times.