Vietnam rice exports forecast decline

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HANOI- Vietnam’s rice exports are forecast at 7.5 million metric tons this year, the chairman of the Vietnam Food Association said on Wednesday, down from a record high of 9.04 million tons last year.

Vietnam is the world’s third-largest rice exporter, after India and Thailand, and its key markets are the Philippines and Indonesia.

Rice shipments from Vietnam this year will face challenges of possible increased supplies from India and Indonesia’s efforts to cut down on its imports, the association’s chairman Nguyen Ngoc Nam told Reuters.

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“However, the prospects of increasing shipments to China are looking brighter,” Nam said.

Vietnam exported 9.04 million tons of rice last year, an increase of 11.2 percent from 2023, according to government data. The value of rice exports last year rose 21.2 percent to $5.67 billion.

Vietnam’s economy expanded 7.09 percent last year to $476.3 billion, faster than the 5.05 percent expansion in 2023, driven by strong exports and robust foreign investment inflows, government data showed on Monday.

Gross domestic product grew 7.55 percent in the fourth quarter, the fastest quarterly growth in more than two years, the General Statistics Office said in a report.

The Southeast Asian country, a regional manufacturing hub, has benefited from a recovery in global consumption despite being badly affected by Asia’s strongest typhoon last year.

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