Is the 2022 rice import-export market favorable?

Market Information
icon date25/07/2023

Vietnam’s 2022 rice import and export market received many achievements when the traditional rice importer – the Philippines, increased imports from 2.9 million tons to 3.4 million tons. At the same time, the Chinese market switched to importing in large volumes at the end of the year.

Rice export rate 2022

According to information on the situation of the rice market, the Ministry of Agriculture and Rural Development said that rice exports at many suppliers in Asia have increased in recent months.

Vietnam’s rice export rate has many advantages

In Vietnam, the export price of rice reached 438 USD/ton, this is the highest level since July 2021 so far. The reason for this increase in rice prices is because traders expect a decrease in supply in the context of increased demand at the end of the year. More specifically, the demand of European customers is also increasing like the Philippines and China.

Some other reasons for the increase in Vietnam’s rice export rate are due to a sharp drop in wheat supply because of the Russia-Ukraine conflict.

Rice exports hit a record 7 billion tons

According to forecasts of many experts and based on actual assessment, Vietnam’s rice is continuing to expand export in both traditional and new markets, expected to reach 7 billion tons in 2020.

In addition, Vietnam’s 2022 rice import and export especially increases in the Indonesian market. Recently, the food authorities of this country plan to import 500,000 tons of rice from Vietnam.

Vietnam has more advantages in exporting rice in the international market because Vietnamese rice is more delicious than many other types of rice. Moreover, Vietnamese rice also participates in the delicious rice contest in the international arena, because of that, many people know about our country’s rice products.

Rice import rate 2022

According to the assessment of the Ministry of Industry and Trade, Vietnam’s annual rice output is relatively abundant, ensuring food security, national reserves and setting aside a certain amount for the 2022 rice import rate. 6-6.5 million tons.

However, under the impact of objective and subjective factors, Vietnam has imported some types of rice to serve domestic needs such as animal feed production, beer production and keep the highẻ quality rice for export. Import prices are lower than domestic or locally produced rice varieties that do not meet ongoing market demand.

The import of rice is too much but is not managed, fully and timely statistics will affect domestic production activities, impact on Vietnam’s rice production, farmers’ lives and indirectly affect food security.

Future orientation of Vietnam’s rice import and export industry

The Ministry of Agriculture and Rural Development (MARD) said that in October 2022, the total volume and value of rice imports and exports reached 6.07 million tons and 2.94 billion USD, increasing 17.2% and 7.4% respectively over the same period in 2021.

The future orientation in Vietnam’s 2022 rice import and export industry is to reduce quantity, increase value .This is also an effective method to bring Vietnamese rice to a new height.

According to Vietnam’s import and export report in November 2022, rice exported to other countries accounted for 6.25 million tons, worth 3.12 billion USD. Although the amount of rice exported decreased by about 1.9% compared to 2021, mainly for the purpose of ensuring national food security, the export value increased by 11.2%.

However, the average export price for the whole year reached 499 USD/ton, increasing 13.3% compared to 2019. This is the highest average price in recent years, bringing great benefits to the farmers growing rice.

Vietnam’s main rice export market is Asia, especially the Philippines, which always ranks first, accounting for 33.9% of the market share. Rice exports to this market in 2022 reached 2.22 million tons and 1.06 billion USD, increasing 4% in volume and 19.3% in value compared to 2021.

Regarding export categories, in 2022, the export value of white rice accounted for 45.1% of the total turnover, reaching 2.76 million tons; jasmine and fragrant rice accounted for 26.8%, reaching 1.64 million tons; broken rice: accounting for 13.65%, reaching 834.4 thousand tons; sticky rice accounted for 8.9%, reaching 547.9 thousand tons; japonica rice and Japanese rice varieties accounted for 4.2%.

The 2022 rice import and export market has many advantages to bring Vietnamese rice to a higher position in the international market.