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Vietnam rice prices for exports continue to soar sharply

The Saigon Times

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HCMC – Vietnam’s rice export prices have surged to new highs, surpassing those of Thai rice, with some types of rice reaching US$117 per ton.

Data from the Vietnam Food Association showed that the export prices of Vietnamese rice increased by US$5-10 per ton on October 31, depending on variety, after roughly 10 days of stable prices.

Specifically, the price of 5% broken rice soared by US$10 per ton to US$653, surpassing that of the same type of rice from Thailand by US$92 per ton, from Pakistan by US$90, and from Myanmar by US$65.

The price of 25% Vietnamese broken rice has also been adjusted up by US$10 to US$638 per ton. Meanwhile, the same type of rice from Thailand is priced at US$521 per ton, and from Pakistan at US$488 per ton.

The price of Jasmine rice also rose by US$5 to US$728 per ton.

Since India banned rice exports at the end of July, the export prices of Vietnamese rice have steadily increased, reaching new record highs in over 15 years.

According to preliminary data from the General Department of Vietnam Customs, Vietnam took in some US$433 million from the export of 700,000 tons of rice in October, showing a 27% increase in value, compared with the same period in 2022.

Further, Vietnam exported over 7.1 million tons of rice, worth nearly US$4 billion in the first 10 months of 2023, a 17% increase in quantity and a 35% increase in value versus the year-ago period.

In the first three quarters of 2023, Indonesia was the largest consumer of rice in Vietnam with 166,000 tons, followed by the Philippines, Ghana, and China.

According to calculations by the Ministry of Agriculture and Rural Development, Vietnam is expected to export more than 7.8 million tons of rice in 2023, with export revenue reaching US$4.2-4.5 billion.

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