In a remarkable achievement, Vietnam's rice exports soared to a record 8.16 million metric tons (MMT) in 2023, surpassing the previous best of 7.73 MMT set in 2012. This impressive performance, which represents a 15% increase over the 7.11 MMT exported in 2022, can be attributed to a confluence of factors, including India's export restrictions and strong demand from key markets like Indonesia.
The Asian Dominance
Asia emerged as the dominant destination for Vietnamese rice exports, accounting for a staggering 80% of the total volume in 2023, up from 67% in the previous year. This surge in Asian demand was driven not only by Indonesia but also by heightened demand from China, which imported 928 TMT of rice from Vietnam, primarily glutinous and fragrant varieties.
While traditional markets like the Philippines (3.15 MMT) and Malaysia (400 TMT) experienced a slight decline in demand compared to 2022, other Asian nations, such as Singapore and Hong Kong, contributed to the region's overall growth.
