India Struggles to Keep Up as Vietnam Sees Highest Rice Prices Since 2008
Published on: December 22, 2023.
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Prices of parboiled rice from top exporters have risen due to limited supplies. This has caused Vietnamese rates to reach their highest level in over 15 years, which in turn has driven up the price of Indian rice to its highest in two months.
Vietnam’s 5% broken rice was offered at $660 to $665 per metric ton on Thursday, its highest since mid-July 2008. This increase in price can be attributed to tight supplies, according to a trader based in Ho Chi Minh City. Preliminary shipping data shows that 162,800 tons of rice will be loaded at Ho Chi Minh City port from December 1 to 20, with most of it destined for Indonesia, the Philippines, and Cuba.
The prices of India’s rice exports have also risen in line with the upward trend in other exporting countries, as well as concerns over production. India’s 5% broken parboiled variety was quoted at $505 to $512 per metric ton this week, its highest in two months. This is an increase from last week’s range of $499 to $506. The widening gaps between Indian prices and those of other countries have made buyers more willing to accept higher prices, according to an exporter in Kolkata.
Furthermore, Thailand’s 5% broken rice has also experienced an increase in price. It reached its highest level since August, at $646 to $650 per metric ton, up from $640 last week. This increase can be attributed to more orders from the Philippines. Indonesia has also expressed its intent to buy 2 million metric tons of rice from Thailand.
Overall, supply has dwindled and it is expected that more rice will enter the market early next year. This rise in prices is a result of limited supplies and increased demand from various countries.
Source: [Original Article](https://www.brecorder.com)
