9-month rice imports hit all-time high

By Thi Ha October 3, 2024 | 10:47 pm PT

Vietnam, the third largest rice exporter after Thailand and India, saw its rice imports skyrocket by 57%, hitting nearly $1 billion in the first nine months of this year, establishing a new record.

Industry insiders say that as farmers focus on cultivating higher-value rice varieties for export, local companies have ramped up imports of more affordable rice to meet domestic demand.

Nguyen Van Thanh, a rice trader in southern Vietnam, has been importing 30% more rice compared to last year, mostly from Cambodia.

The imported rice, primarily from Myanmar, Pakistan, and Cambodia, is more affordable, appealing to low-income consumers and animal feed producers, with prices ranging between $480 and $500 per ton. Meanwhile, Vietnam's average rice export price rose to $624 per ton, a 13.1% increase from the previous year.

Due to unfavorable weather conditions in northern Vietnam this year, around 300,000 hectares of rice have been damaged, which lower domestic supply and force businesses to source from overseas, industry insiders said.

Despite these challenges, rice exports went up 23.5% to $4.37 billion between January and September, according to the Ministry of Agriculture and Rural Development.

Last year, the country imported rice valued at $860 million.