HCMC – Export prices of Vietnam’s rice moved in the range of US$415 and US$420 per ton in May, down US$3 month-on-month, marking the second straight falling month.
Data from the Agro Processing and Market Development Authority indicated that between January and May, the country’s exports of rice amounted to 2.9 million tons worth US$1.4 billion, up 10.3% in volume year-on-year, but down 1% in value.
The steady decrease in rice prices was attributed to the surging global supply of rice. Besides, the export prices of rice from India, the world’s biggest rice exporter, are trending down as its domestic rice supply is soaring, while the Indian rupee is trading at record lows.
Like India, many other countries are witnessing export prices of rice plunge. For example, the export price of Thailand’s 5% broken rice stands at US$445 per ton, down US$5 against the start of the month.
The Philippines was Vietnam’s largest rice buyer in the first four months, importing 915,000 tons of rice from the latter with a total value of US$442.2 million, up 28.3% in volume and 11% in value year-on-year.
In the local market, the price of rice in the Mekong Delta region is rising by VND40-500 per kilogram, the local media reported.