HCMC – Outbound rice shipments in May surged by a staggering 49% compared to the same period last year, at US$2 billion, the highest in 10 years.

In the year to May, Vietnam had shipped 3.9 million tons of rice abroad worth over US$2 billion, up 40.8% in volume and 49% in value against the same period in 2022, data from the Ministry of Agriculture and Rural Development showed.

The Philippines was the biggest buyer of Vietnamese rice in the first four months of the year, with 1.29 million tons valued at US$647.5 million, up 40.6% in volume and 53.4% in value over 2022.

China bought over 507,000 tons of rice for US$292.5 million, increasing a whopping 70.8% in volume and 88.2% in value compared to the same period in 2022.

Rice exports to Indonesia rocketed 26 times over the same period last year. However, shipments to Ivory Coast nearly dipped by half.

The average rice price between January and May increased 5.8% year-on-year to US$517 per ton.

The country may see more opportunities to boost exports to India and Thailand due to the El Nino effects on rice production. In addition, the Russia-Ukraine military conflict has amped up global food security.

According to the U.S. Department of Agriculture, rice output for 2022-2023 is estimated at 503 million tons, down 2% year-on-year.