Rice export recap for 2023 and 1st quarter in 2024 📈: A successful conference.

The Ministry of Industry and Trade hosted a successful conference in Can Tho to review rice exports for 🗓️ 2023 and 1st quarter-2024. The event provided valuable insights for rice businesses.

Our sincere gratitude to the organizers for providing a wealth of insightful information, encompassing both policy and market perspectives for the rice industry ⭐.

1st quarter-2024 Rice Export Highlights:

• Export volume: Over 2.18 million tons of rice exported, generating USD 1.43 billion. Growth: 17.6% in volume, 45.5% in export value, and 23.6% in price compared to Q1-2023.
• Market dominance: Vietnam became the largest rice exporter to Singapore (export value up 80.46% compared to 2023).

Key Takeaways 🌈:

• High-value rice gains popularity: Strong demand for high-value rice varieties, including fragrant rice, ST rice, premium white rice, and Japonica rice.
• Free trade agreement utilization: Businesses effectively leveraged new-generation free trade agreements to expand into European markets.
• Stringent market compliance: Vietnamese rice meets the stringent requirements of even the most demanding markets.

Challenges to Address ⭐:

• Market instability: Reliance on a few traditional markets, leading to export instability.
• Inadequate market development support: Insufficient support for market development activities.
• High international freight costs: Rising international freight costs pose a significant challenge.

Forecasts and Directions 📢:

• Potential demand decline: Anticipated decrease in rice import demand from major markets like the US and EU due to inflation and rising unemployment.
• Market monitoring: Close monitoring of market trends to formulate appropriate export strategies.
• Niche market focus: Prioritizing potential niche markets such as the EU, South Korea, and the US.
• Market information enhancement: Strengthening market information dissemination and support for rice exporters.

Conclusion ➡️:

While rice exports in 1st quarter-2024 have been positive, Vietnam's rice industry faces persistent challenges. Sustainable and effective export promotion strategies are crucial to ensure food security globally and contribute to Vietnam's economic growth.

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‼️VIJAFARM LIMITED COMPANY‼️
🗺️ Address: Ground Floor, No. 41 Cach Mang Thang Tam, An Hoa Ward, Ninh Kieu District, Can Tho, Vietnam
📞 Phone: +84 93 992 79 97
✉️ Email: marketing@vijafarm.com
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