Today: 03/03/2024 07:03:55 (GMT+7)

Rice export prices hit 15-year high

Vietnam’s 5% broken rice has risen to a 15-year peak of $653 per ton, exceeding that of competitors Thailand and Pakistan.

It is now 16.6% higher than Thailand’s and 16% higher than Pakistan’s, according to the Vietnam Food Association.

In the last four weeks Vietnam’s 5% broken rice price has risen 6.5%.

Rice export prices, 15-year high, broken rice, hitting new peaks, rising demand,  improving quality of Vietnamese rice

A farmer harvests rice in the Central Highlands province of Kon Tum.

Vietnam’s 25% broken rice is at $638, 22.7% higher than Thailand’s and 30.7% more expensive than Pakistan’s.

Domestically in Vietnam rice prices have been hitting new peaks, some up 16% year-on-year.

Industry insiders say that the price surge came thanks to rising demand globally and the improving quality of Vietnamese rice.

As India’s ban on some rice variety exports remains, the world is seeing a 40% drop in supply from the country, while other countries such as Indonesia, China and the Philippines still have high demands.

In the first 10 months Vietnam exported 7.1 million tons of rice, up 35% in volume, according to Vietnam Customs. The figure can reach a new milestone of 7.8 million by the end of the year.

The rice crop area has increased by 30,000 hectares year-on-year. In the first season of next year, yield is set to rise from 2022 to reach 20 million tons as farming techniques improve, according to the Ministry of Agriculture and Rural Development.

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Vietnam has exported six million tons of rice worth US$3.2 million this year, 21% and 35% up in terms of volume and value from the same period last year.
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Prices of Vietnam's exported rice highest in the world
Prices of Vietnam's exported rice are still the highest in the world, with that of 5% broken rice reaching US$638 per tonne, and 25% broken rice $623 per tonne, according to the Vietnam Food Association.

Source: VnExpress

Rice export prices, 15-year high, broken rice, hitting new peaks, rising demand, improving quality of Vietnamese rice
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