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Sunday, July 14, 2024

Vietnam’s rice prices at 10-year highs

The Saigon Times

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HCMC – Export prices of Vietnamese rice soared to 10-year highs in the first half of 2023, offering a bright prospect for the country’s rice export sector this year, according to the General Department of Vietnam Customs.

Data from the department showed that Vietnam exported over 4.2 million tons worth US$2.26 billion from January to June, up 21% in volume and 32% in value over the same period last year.

In the six-month period, the export price of Vietnamese rice was estimated to reach US$539 per ton on average, up over 10% year-on-year and reaching its highest level in the past 10 years.

In June, the average export price of rice reached US$650 per ton, rising by 9.4% month-on-month and 20.8% year-on-year.

Statistics showed that Vietnamese rice exports to major markets, including the Philippines and China, recorded double-digit growth in the first five months of the year. Rice exports to new markets such as Indonesia, Chile, Turkey, and Senegal, shot up a staggering 1,100% to 16,000% year-on-year.

The sharp increase in rice prices is attributed to the drop in global rice supply. Moreover, the emergence of El Nino has forced many countries to increase their rice purchases for stockpiling.

Recently, the Indian Government has been considering a ban on the export of all rice types except for Basmati to control inflation and domestic rice prices.

Vietnamese enterprises and the Vietnam Food Association expect that if Indian imposes this ban on its rice sector, global rice prices will rise. In this case, Vietnam will have more favorable advantages in exporting rice.

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