Rice industry sets sights on US$5.7 billion export target amid price pressure
VOV.VN - Vietnamese rice businesses are required to diversity export markets and input sources to navigate shifting global demand and tariff challenges, towards the US$5.7 billion export target this year, reported the Ministry of Agriculture and Environment (MoAE).
Vietnam exported 4.9 million tonnes of rice worth US$2.54 billion in the first half of the year, up 7.6% in volume but down 12.2% in value compared to the same period last year. The average export price of rice in the reviewed period was estimated at US$517.5 per tonne, down 18.4% year on year.
The Philippines remained the largest consumer of Vietnamese rice, accounting for 43.4% of total export volume, but shipments to this market dropped 17.4% year on year. In contrast, exports to Ivory Coast and Ghana surged by 88.6% and 61.4% respectively, each capturing over 10% market share.
Among the top 15 export destinations, Bangladesh posted the most dramatic increase, with a 293-fold rise in rice import value. On the other hand, Malaysia experienced the sharpest decline, down 54.7%.
June alone saw Vietnam export 700,000 tonnes of rice worth US$364.4 million, bringing the total for the first six months to 4.9 million tonnes, according to the Department of Vietnam Customs.
The MoAE revealed that the rice industry is anticipated to achieve an export target of US$5.7 billion this year, with turnover reaching US$2.6 billion in the first half and US$3.1 billion in the other half.
To fulfill the export target, it has proposed maintaining traditional export market share, expanding into emerging markets, leveraging competitive advantages in fragrant rice as Thailand and India, the two largest suppliers of this rice segment, to the US market are subject to high tax rates of 36% and 26% respectively.
In addition to sustaining traditional markets with large market shares such as the Philippines, Indonesia, Malaysia, businesses are required to seek additional export markets and diversify input materials to reduce tax pressure while expanding to potential new markets.
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