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Saturday, June 22, 2024

Upward pressure on rice prices

By Dr. Vo Dinh Tri

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The recent rice price spike in Vietnam has raised concerns. Rice holds significant importance not only as a key item for calculating the consumer price index but also as a matter of food security for Vietnam. Rice prices in the international market International rice prices have been on the rise since the beginning of this year. Three commonly referenced types of rice – Vietnamese 5% broken rice, Thai 5% broken rice, and Indian 25% broken long-grain rice – have leapt by 36%, 19%, and 36%, respectively. There are two main factors contributing to this price surge. First, India’s decision to restrict rice exports, particularly in September 2022 and more officially in July and August this year, has played a pivotal role. These export restrictions could result in a significant drop in exports this year, potentially amounting to a 10-million-ton decrease, which accounts for nearly 45% of India’s total rice exports. South Asia and Southeast Asia collectively serve as the world’s rice basket, contributing to 58% of global rice production and 80% of global rice exports. However, these regions are susceptible to the effects of climate change, especially the El Niño phenomenon. While rice production generally increases, harsh climate conditions during […]
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