Hanoi (VNA) – Strong rice export demand coupled with waning supplies have caused prices to surge in the market since the beginning of 2023.

According to the General Department of VietnamCustoms, Vietnam exported 1.85 million tonnes of rice worth 981.4 million USDin the first quarter of this year, up 23.4% in quantity and 34.3% in valueyear-on-year.

The Philippines spent more than 450 million USDimporting some 900,000 tonnes of Vietnamese rice in the first quarter of thisyear, and more orders are expected to be placed in the time ahead.

The Southeast Asian neighbouring country was the biggest importer of Vietnameserice in the quarter, making up 48.2% in volume and 45.9% in value,followed by China, Indonesia, Malaysia and Ghana, the department reported.

The average export price in the reviewed period wasestimated at 531 USD per tonne, up 9.2% year-on-year, the highest in the pastdecade.

The global shortage of rice, one of the mostconsumed food grains in the world, is set to be the largest in the last twodecades, according to New York-based research firm Fitch Solutions.

It forecast the global shortfall at 8.7 milliontonnes in 2022-2023, which is the highest since the deficit of 18.6 millionrecorded in 2003-2004.

Experts say the forecasts predict a buoyant market, stressing favourable conditions for Vietnam’srice exports given the increasing demand for food reserves amid global economicand political uncertainties.

The Agency for Foreign Trade under the Ministry ofIndustry and Trade (MoIT) suggested businesses keep a close watch on themarket, and fully assess opportunities and risks in order to make successful transaction plans, sign suitable contracts and ensure export efficiency.

They should provide updates for the Vietnam FoodAssociation and the MoIT to keep all stakeholders in the loop in Vietnam./.