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Vietnam’s Rice Export Market 2023: Opportunities in Africa

Vietnam’s rice export market in 2023 has achieved impressive growth, with a total volume of 8.13 million tons and a turnover of $4.7 billion. While Asia remains the main export market, Africa and Europe also show significant growth. Let’s explore the most potential rice markets for Vietnam in 2023 with TradeInt Vietnam.

Table of Contents

Vietnam's Rice Export Market in 2023

Production

According to the Ministry of Agriculture and Rural Development, rice production in 2023 reached 43.5 million tons, an increase of 1.9% compared to 2022. This equates to about 21 million tons of rice, enough to meet domestic demand and for export.

Rice Export Results

 

In 2023, Vietnam exported 8.13 million tons of rice, valued at $4.7 billion, up 14.4% in volume and 35.3% in value compared to the previous year. The average export price reached $575 per ton, an increase of 18.3%.

Types of Rice Exported

 

High-value rice types, which align with market demand and Vietnam’s strengths, have seen strong growth, including aromatic rice (DT8, OM 18, 5451), ST, glutinous rice, high-grade white rice (5%), and japonica. Especially, regular white rice holds the largest share, accounting for 40% of total exports, followed by aromatic rice (34.2%) and glutinous rice (8%).

Export Markets

 

Asia is the largest rice export market, accounting for 75% of the total volume. Among them, the Philippines, Indonesia, and China are the three largest import markets. Africa is the second-largest market, accounting for 16.5% of total rice exports.

Asia Market - Steady Growth

Asia continues to be Vietnam’s largest rice export market, accounting for 75% of total exports, reaching 6.1 million tons, up 22.8% compared to 2022. 

– For instance, the Philippines remains the largest rice import market for Vietnam, accounting for 38.7% of total exports, reaching 3.14 million tons. Although the export volume slightly decreased by 1.0%, the turnover increased by 17.6% compared to 2022, reaching over $1.75 billion. 

– Moreover, Indonesia is the second-largest market, accounting for 14.5% of total rice exports, reaching 1.18 million tons. In particular, the export turnover to Indonesia increased dramatically by 8.9 times compared to 2022 due to the country’s supply shortage. 

– Meanwhile, China is the third-largest market, accounting for 11.3% of total rice exports, reaching 918 thousand tons. The export turnover to China increased by 10.08% in volume and 22.7% in value compared to 2022.

Africa - A Promising Emerging Market

The African market has emerged as a promising destination for Vietnamese rice, reaching nearly 1.34 million tons, accounting for 16.5% of total rice exports, an increase of 7.2% compared to 2022. Notably, Ghana is the largest rice import market for Vietnam in Africa, reaching 587,664 tons, an increase of 36.46% compared to 2022.

Europe - Potential for High-Quality Rice

Although only accounting for 1.6% of total exports, Europe remains a potential market for high-quality Vietnamese rice. For example, rice exports to the EU reached 109,091 tons, an increase of 15.4% compared to 2022.

Conclusion

 

In 2023, Vietnam’s rice exports achieved significant accomplishments, especially strong growth in emerging markets like Indonesia and African countries. However, the rice industry also faces challenges such as rising production costs and fierce competition from other countries. Thus, to maintain growth momentum, Vietnam needs to continue diversifying its markets, focusing on quality, and developing high-value-added rice products.

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Vietnam Trade Coverage

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About Trade Intelligence Global Pte. Ltd.

Trade Intelligence is a distinguished leader in global trade solutions, delivering exceptional results for businesses worldwide. With a focus on excellence, innovation, and client success, Trade Intelligence Global empowers businesses to thrive in today’s interconnected global economy. To find out more, visit https://tradeint.com.

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