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Wednesday, July 24, 2024

Vietnam’s rice export prices remain world’s highest

The Saigon Times

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HCMC – Export prices of Vietnam’s 5% and 25% broken rice have risen to US$633 and US$618 per ton, respectively, higher than those of its rivals from Thailand and Pakistan.

According to the Vietnam Food Association, export prices of Vietnam’s 5% and 25% broken rice have recently increased by US$10 and US$5 per ton compared to the beginning of this month.

Meanwhile, the price of Thailand’s 5% broken rice for export rose by US$1 to US$582 per ton, and 25% broken rice price declined by US$1 to US$532 per ton.

Each ton of Vietnamese 5% broken rice is US$51 higher than that of Thailand, while the Vietnamese 25% broken rice price is US$86 higher than Thailand’s the same product.

Experiencing a US$10 increase, Pakistan’s 5% broken rice is sold at US$573 per ton, and 25% broken rice is US$493 per ton.

The higher demand in the Asia and African markets is attributed to the rebound of the rice export prices, said the rice exporters.

Indonesia has recently announced that Vietnam and Thailand would become the main rice suppliers for this country when it purchases 1.5 million tons of rice in the upcoming period.

In the first nine months of this year, Vietnam had exported 884,177 tons of rice to Indonesia, generating US$462 million in revenue, 17-fold higher in volume and 19-fold higher in value over last year.

A report from the Ministry of Industry and Trade showed that in September alone, Vietnam’s rice export revenue had amounted to US$495 million, surging by 80% compared to the same period of last year.

In the first nine months, rice exports brought Vietnam total revenue of US$3.66 billion, a 40% increase against last year and surpassing the export revenue of the entire year of 2022.

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