But a recovery in rice export prices, coupled with shifts in supply and demand in major markets, is creating new opportunities for the sector to accelerate exports toward the end of the year.
Notably, the average export price in July reached 511 USD per ton, up 5.8% year-on-year and marking the first annual increase this year.
Rice export revenue is forecast to reach 3.9 billion USD this year, down about 4% from last year due to low average export prices in the first months. But the price recovery since July is expected to help boost export turnover in the remaining months.
The Philippines, Vietnam’s largest rice export market, has confirmed that it will continue purchasing rice to build up reserves. China has also recorded a sharp increase in rice imports, particularly broken rice used as animal feed. Meanwhile, several African markets continue to offer room for growth for rice-exporting countries.
