vietnam rice prices expected to rise continuously in 2024
Published on: February 28, 2024.
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Vietnam’s Rice Prices Expected to Rise in 2024
HANOI, (APP – UrduPoint / Pakistan Point News – 28th Feb, 2024) – Analysts have predicted that Vietnam’s rice prices will continue to rise in 2024 due to limited supply, as reported by Vietnam News on Wednesday.
According to the analysts, the recent drops in Vietnam’s rice prices are only short-term fluctuations. The decline in prices can be attributed to the cautious approach of rice-importing countries, waiting for clearer market trends.
The Vietnam Food Association has reported that export rice prices in Vietnam have been moving sideways after experiencing significant decreases.
Currently, the price of 25 percent broken rice stands at $584 per ton, which is slightly lower than Thailand’s price. In the past week alone, the price has dropped by $20 per ton.
On the other hand, Vietnam’s 100 percent broken rice is being sold at $508 per ton, which is $25 per ton higher than Thailand’s price.
To meet its export targets, Vietnam aims to export at least 8 million tons of rice in 2024, according to the Ministry of Agriculture and Rural Development.
As of February 15th, Vietnam has already earned $466.6 million from exporting 663,209 tons of rice.
In conclusion, despite the recent dips in prices, Vietnam’s rice market is expected to see an upward trend throughout 2024. The limited supply and cautious approach of importing countries have influenced these price fluctuations.
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Source: [b]UrduPoint[/b]
