Vietnam’s rice exports are expected to benefit from high global demand, reaching 7 million tons this year, according to the Cong Thuong (Industry & Trade) newspaper.
Improved quality is boosting importing countries’ demand for Vietnamese rice. Demand in traditional markets like the Philippines and Africa will stay stable in the first half of this year as they are increasing food stockpiles, the Vietnam Food Association says.
On the other hand, the January report by the US Department of Agriculture forecast the global rice trade in 2023 will decrease by about 4% from last year.
Large rice exporters are predicted to witness declines. India and Pakistan may see the sharpest falls due to lower output and domestic market stabilization policies.
Climate change impacts and drought in the US, Europe, and China are posing a risk of supply shortages, the Foreign Trade Agency under the Ministry of Industry and Trade warns.
Last year, Vietnam exported nearly 7.2 million tonnes of rice.
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