Vietnam 2024 rice exports seen falling to 6.5-7.0 mln tons

Credit: REUTERS/Nguyen Huy Kham

Adds details and context in paragraphs 2, 4, 5

HANOI, March 7 (Reuters) - Vietnam's rice exports are estimated at 6.5-7.0 million metric tons this year, down from last year's record high of 8.1 million tons, according to a report by Vietnam Food Association.

The Southeast Asian country, the world's third largest rice exporter after India and Thailand, has earlier flagged that it would gradually cut its overall export volumes to focus on higher quality, higher-priced rice, while also adapting to climate change and ensuring domestic food security.

Exports in the year to mid-February rose 14.4% from a year earlier to 663,000 tons, according to the report presented at an international rice conference this week and reviewed by Reuters.

"Demand from Indonesia, Philippines, Malaysia, China and Africa has been increasing as El Nino expected to last at least until mid-2024," the report said.

Vietnam said last year it would cut annual rice exports to 4 million tons by 2030, according to a government document detailing its rice export strategy. It also said the country would seek to diversify its rice export markets and cut residues of plant protection products including pesticides in its rice.

(Reporting by Khanh Vu; editing by Jason Neely and Tomasz Janowski)

((khanh.vu@thomsonreuters.com; +84 24 38259623;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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