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Saturday, July 13, 2024

Vietnam rice prices soar sharply

The Saigon Times

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HCMC – Vietnam’s rice export prices have shot up sharply due to India’s rice export ban.

Since India imposed a ban on non-Basmati white rice exports 10 days ago, Vietnam’s rice prices have surged sharply on local and export markets. Similar trends have been observed in Thailand and other major rice exporting countries.

The Vietnam Food Association confirmed that the country’s rice prices have shot up over the past few days. International rice buyers have been actively seeking to purchase rice from Vietnam, even willing to pay an additional US$10-25 per ton compared to the prices before India’s export ban.

Statistics showed that the price of 5% broken rice from Vietnam and Thailand has spiked. Last week, rice export prices of Vietnam and Thailand rose 35% and 52% against last year to US$575 and over US$600 per ton, respectively. Vietnamese 5% broken rice is expected to get around US$600 per ton in the near future.

At present, China, the Philippines, and Indonesia are primarily purchasing rice from Vietnamese exporters.

In the first seven months of this year, Vietnam has exported over 4.87 million tons of rice, generating revenue of US$2.58 billion. This represents an 18.7% increase in volume and a 29.6% increase in value year-on-year.

The average rice export price in the first half of the year was estimated to be over US$540 per ton, a 10% increase versus the same period last year and the highest price increase in 10 years.

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