HANOI: Rice exports reached unprecedented levels in both volume and value in 2024, yet industry experts caution that the sector may face significant challenges in the coming year. The global rice market is poised for a shake-up following India’s decision to lift its ban on non-basmati white rice exports in September, a move anticipated to increase global rice supplies in 2025.
According to Vietnam News Agency, the Ministry of Agriculture and Rural Development reported that rice exports from Vietnam totaled 9 million tonnes in 2024, generating $5.7 billion in revenue. This marks an increase of 11% in volume and 24% in value compared to the previous year. In the global arena, Vietnam ranked as the third-largest rice exporter, following India, which led with an export volume of 17 million tonnes, and Thailand, which achieved a six-year high with 10 million tonnes due to strong demand from Indonesia and the Philippines.
The robust performance of Vietnam’s rice export sector in 2024 underscores the growing demand in key markets. However, the anticipated rise in global rice supply, driven by India’s policy change, suggests that exporters may face stiffer competition and potentially lower prices in 2025. Industry stakeholders are closely monitoring these developments as they prepare for the challenges ahead.