rice export prices reach highest level in 15 years
Published on: November 3, 2023.
Filed under:
Vietnam’s 5% Broken Rice Surges to 15-Year High, Outpacing Competitors
Vietnam’s 5% broken rice has reached its highest price in 15 years, hitting $653 per ton, surpassing that of Thailand and Pakistan. This marks a 16.6% increase compared to Thailand and a 16% increase compared to Pakistan, as reported by the Vietnam Food Association.
Over the past four weeks, the price of Vietnam’s 5% broken rice has risen by 6.5%. Additionally, Vietnam’s 25% broken rice is priced at $638, which is 22.7% higher than Thailand’s and 30.7% more expensive than Pakistan’s.
Within Vietnam, domestic rice prices have been steadily increasing and have reached new peaks, with some experiencing a 16% year-on-year increase. Industry experts attribute this price surge to the growing global demand for rice and the improved quality of Vietnamese rice.
One contributing factor to the rising demand for Vietnamese rice is India’s ban on certain rice variety exports, which has resulted in a 40% decrease in the global rice supply. Meanwhile, countries like Indonesia, China, and the Philippines continue to have high demands for rice.
According to Vietnam Customs, Vietnam has exported 7.1 million tons of rice in the first 10 months of this year, marking a 35% increase in volume. It is predicted that by the end of the year, this figure could reach a new milestone of 7.8 million tons.
In anticipation of future demand, the rice crop area in Vietnam has expanded by 30,000 hectares compared to the previous year. The Ministry of Agriculture and Rural Development expects the yield to further increase from 2022, reaching a total of 20 million tons in the first season of next year, thanks to advancements in farming techniques.
