Vietnam experiences rise in rice export price due to limited supply
Published on: October 19, 2023.
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Vietnam’s Rice Prices Soar as Harvest Season Ends
Vietnam’s rice market is experiencing a significant price increase as the harvest season comes to a close, leading to a shortage of supply. The price of Vietnam’s 5% broken rice has reached $623 per ton, which is 7% higher than Thailand’s and 10.7% higher than Pakistan’s.
The rising demand has also caused domestic paddy prices to reach unprecedented levels. Japanese paddy J02 is now priced at up to VND14,000 ($0.57) per kilogram, while Khang Dan is priced at VND9,000 per kilogram, both of which have never been seen before.
Farmers have cited a decline in supply as the reason for the high prices, as traders are purchasing large orders before the season ends. Huynh Thi Bich Huyen, the CEO of rice trading company Ngoc Quang Phat, mentioned that her company can now only buy several hundred tons of paddy each day, which is one-third of what they were able to purchase last month.
This shortage in supply has caused prices to skyrocket. However, it’s not all bad news for farmers. Rice exports have increased by 40.4% year-on-year, reaching $3.66 billion in the first nine months of the year. It is predicted that by the end of the year, exports will hit a new peak of $4 billion.
The average export price for the first nine months of the year was $553 per ton, which is a 14% increase compared to the previous year. This surge in prices has led to a doubling of profits for farmers.
The Vietnam Food Association expects that rice prices will remain high in the coming months due to low global supply. This is evidenced by countries such as Indonesia, China, the Philippines, Turkey, and Chile increasing their imports of Vietnamese rice.
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Source: Powered by VnExpress
