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The latest forecast has recently been released as part of the USDA’s May 2021 Report about the Global Rice Outlook for 2022.
The report details that the global rice output in the 2021 - 2022 crop will hit a record high of 505.4 million tonnes of milled rice, an increase of 1.9 million tonnes compared to the 2020 - 2021 crop.
Most notably, Bangladesh, Malaysia, Cambodia, China, the Ivory Coast, the Republic of Korea, Paraguay, Taiwan (China), and Thailand will all witness rises in their respective rice output.
In contrast, Colombia, Ecuador, India, Iraq, Madagascar, the Philippines, Sri Lanka, the US, and Vietnam are all projected to record a lower output.
After two consecutive years of maintaining its position as the world’s second largest rice exporter, Vietnam will rank third in terms of global rice exports next year, behind India and Thailand.
In line with the rice industry restructuring scheme until 2025, Vietnam is aiming to export approximately five million tonnes annually.
This decrease is attributed to the local rice industry’s shifting from quantity to quality, with a specific focus on improving the value and brand of Vietnamese rice among in international market.
Rice exporters have gradually begun to shift their proportion of white rice varieties to high-quality fragrant rice, while simultaneously focusing on high-end markets such as the EU, the US, and Japan.
Nguyen Van Thanh, director of Phuoc Thanh IV Trading and Production Co., Ltd, says his firm has recently turned to exporting fragrant and high-quality rice, adding that along with traditional Asian markets, the company has is seeking to reap benefits from the EU-Vietnam Free Trade Agreement - EU (EVFTA).
Similarly, Pham Thai Binh, general director of Trung An High-Tech Agriculture Joint Stock Company, reveals that since the beginning of the year, the firm has continuously won bids to ship rice to Asian countries and the EU.
Binh added that Trung An rice is now being traded at the relatively high level of over US$578.5 per tonne.
