HANOI: Rice exports achieved unprecedented levels in both volume and value in 2024, marking a significant milestone for the industry. However, the outlook for 2025 presents challenges, as India lifted its ban on non-basmati white rice exports in September, potentially increasing global rice supplies and affecting market dynamics in the upcoming year.
According to Vietnam News Agency, data from the Ministry of Agriculture and Rural Development indicated that rice exports reached 9 million tonnes, generating revenue of 5.7 billion USD in 2024. This represents an 11% increase in volume and a 24% increase in value compared to 2023. Vietnam secured the position of the third-largest rice exporter globally, following India, which exported 17 million tonnes, and Thailand, which achieved a six-year high with an export volume of 10 million tonnes. The rise in demand from countries such as Indonesia and the Philippines significantly contributed to these figures.
Industry experts have expressed concerns about the potential impact of India’s decision to resume non-basmati white rice exports on the global market. The increase in supply could lead to a shift in pricing and demand, posing challenges for exporters in Vietnam and other rice-exporting nations. As the industry prepares for these developments, stakeholders are closely monitoring market trends and exploring strategies to maintain competitive advantages in the evolving landscape.