Vietnam Becomes the Largest Rice Exporter to Singapore, India and Thailand follow
26 April 2024, Vietnam: According to the Vietnam Trade Office in Singapore (Ministry of Industry and Trade), data from the Singapore Business Administration shows that in the first quarter, Singapore’s total rice import value from the world reached nearly 112.9 million SGD, an increase of 23.86 % over the same period last year.
The demand for rice imports in Singapore has been high since 2023, continuing to grow in the first three months of 2024 due to India’s rice export ban and the rapid recovery of tourist arrivals in Singapore.
Especially in the first three months of this year, Vietnam’s rice exports to the Singaporean market continued to grow strongly, reaching around 36.15 million SGD, an increase of 80.46% compared to the same period last year. Although some groups such as regular brown rice and white rice decreased, it was compensated by some commodity groups such as sticky rice reaching 3.79 million SGD, a sharp increase of 221.76%; Milled or peeled fragrant rice turnover reached 18.06 million SGD, an increase of 291.17%…
India and Thailand hold the next positions with turnover of 33.63 million SGD and 33.16 million SGD respectively.
According to the Vietnam Trade Office in Singapore, the first three months of 2024 marked the rise of Vietnamese rice when for the first time Vietnam became the largest rice exporter to the Singapore market, accounting for 32.03% of the market share.
Vietnam’s rice export turnover is higher than that of India (6.96%) and Thailand (8.28%). All three leading exporting countries account for 91.21% of the rice market share in Singapore.
According to the Vietnam Trade Office in Singapore, besides Vietnam’s traditional strength in regular white rice, two other groups, glutinous rice and fragrant rice, have also risen to dominate a large portion of the market share in Singapore, reaching 80.08% and 73.33% respectively.
These are the main factors that have propelled Vietnamese rice ahead of Thailand and India to become the country with the largest rice market share in Singapore.
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