2-Rice Exports to RCEP Markets Surge, Reflecting Impressive Growth

1. Rice Exports to RCEP Markets Surge, Reflecting Impressive Growth Rice Exports to RCEP Markets Surge, Reflecting Impressive Growth According to data from the General Department of Vietnam Customs, in August, Vietnam exported 921,443 metric tonnes of rice, amounting to a value of $546 million. This marked a significant increase of 28.8 percent in volume and 61.7 percent in value when compared to the same period in the previous year. In the first eight months of 2023, the total rice exports from Vietnam surpassed 5.81 million tonnes, valued at US $3.16 billion. This represented a growth of 21.4 percent in volume and 35.7 percent in value compared to the corresponding period in the previous year. The average export price for rice during these eight months was US $544 per metric tonne, reflecting an 11.8 percent increase from the same period in 2022. Rice Rice Export in Philippines and China Export in Philippines and China Out of the 5.81 million metric tonnes of rice exported, 4.24 million metric tonnes (equivalent to $2.25 billion) were sold to RCEP (Regional Comprehensive Economic Partnership) markets. This marked an increase of 31.4 percent in volume and 46.3 percent in value. The Philippines emerged as the largest importer of Vietnamese rice, accounting for 40.3 percent of the total rice export volume and 38.8 percent of the value. China followed with 786,000 metric tonnes valued at US $452.08 million (representing 13.5 percent of the total volume and 14.3 percent of the value). This reflected a substantial increase of 51 percent in volume and 67.9 percent in value. Indonesia also featured prominently with 718,000 metric tonnes valued at US $361.25 million, growing by 1.459 percent in volume and 1.506 percent in value. Additionally, exports to CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific

2. Partnership) markets reached 399,994 metric tonnes valued at US $212.54 million, with a volumincrease of 6 percent and a value increase of 14.8 percent. Rice Exp Rice Export from Vietnam is on the rise ort from Vietnam is on the rise During the initial eight months of 2023, Chile imported 7,123 metric tonnes of rice from Vietnam, worth US $3.3 million. This represented a volume increase of 4.114 percent and a value increase of 2.708 percent from the same period in 2022. The average price stood at US $462 per tonne, marking a decrease of 33.4 percent compared to the previous year. Chile's interest in Vietnamese rice has been on the rise, particularly due to the increasing restrictions on rice exports by leading rice-exporting nations, such as India. Vietnam and Chile have a bilateral free trade agreement, and both are members of the CPTPP, which has contributed to the growth of bilateral trade in recent years. According to the Ministry of Agriculture and Rural Development, in 2023, Vietnam is anticipated to achieve a rice production output exceeding 43 million tonnes and can export more than 7.5 million metric tonnes of rice while concurrently maintaining national food security and ensuring a stable supply of raw materials for processing, animal breeding, and husbandry. Since late August, the rice market has encountered unpredictable fluctuations, primarily because India, the world's largest rice exporter, imposed a 20% export duty on parboiled non-basmati rice (PNB). This measure was taken to stabilize the domestic supply and control rising local prices. The Ministry of Industry and Trade is collaborating with various ministries, sectors, business associations, and localities to formulate plans for balancing rice supply and demand. This effort is aimed at contributing to the stabilization of rice prices and ensuring food security, aligning with the directives of the Government. If you are a rice importer wishing to buy rice in bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie.com is a SaaS platform that facilitates bulk agro- commodities trade across the globe including all varieties of rice. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities such as rice, wheat, pulses, spices and many other commodities at negotiable rates. A seller on the platform does not need to reach out to buyers via orthodox methods such as middlemen, visiting trade shows and countries and purchase leads which yield no guaranteed results. Sellers on the platform get better access to new global buyers, increasing their overall business orders and profits, as there are no middlemen involved in the trade here The transaction oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro- commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.