Vietnam exports 700,000 tonnes of rice in November (Photo: VNA)

(KPL/VNA)Vietnam's rice exports are set to reach an all-time high of 9 million tonnes in 2024, following robust shipments totaling nearly 8.5 million tonnes in the first 11 months of the year, according to industry insiders.

Data from the Ministry of Agriculture and Rural Development (MARD) indicates that 700,000 tonnes of rice were exported in November alone, generating $444.9 million. This brings the total export volume and value from January to November to approximately 8.5 million tonnes and $5.31 billion, reflecting year-on-year increases of 10.6% and 22.4%, respectively.

The Philippines remains Vietnam's largest rice importer, accounting for 46.1% of total exports during the first 10 months. Significant growth was also observed in shipments to Indonesia and Malaysia, which comprised 13.5% and 8.2% of the market, respectively. Export value surged by 59.1% to the Philippines, 20.2% to Indonesia, and more than doubled (2.2 times) to Malaysia compared to the same period in 2023.

Among Vietnam's top 15 export destinations, Malaysia saw the highest growth, while China experienced the steepest decline, with a 71.3% drop in export value.

For the first time, Vietnam's rice export revenue surpassed the $5 billion mark, driven by a higher average export price of $627.9 per tonne, up 10.6% year-on-year. This reflects the growing global demand for Vietnamese rice and the country's ability to maintain competitive quality and pricing.

With one month left in 2024, Vietnam is on track to further solidify its position as one of the world's leading rice exporters.

KPL