Rice Export Prices Reach All-time High
Published on: December 6, 2023.
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Vietnam Rice Export Prices Hit Record High Amidst Global Demand
Vietnam, known as a major player in the rice exporting industry, is witnessing a surge in rice export prices. Currently, Vietnam’s rice export prices have reached a staggering $663 per ton, making it the highest price in the world at the moment. Over the past few weeks, prices have risen by 2%, reflecting the rising global demand.
Interestingly, Thailand, one of Vietnam’s competitors, has also experienced an 8% increase in rice prices over the last four weeks, with prices reaching $625 per ton. Similarly, Pakistan has seen a rise of 9%, with prices climbing to $600.
Traders attribute these price hikes to two primary factors: a surge in global demand and a decline in Vietnam’s rice supply. India, which used to account for 40% of the global rice market, has yet to lift its ban on non-basmati white rice exports since July. This has created concerns and uncertainty among countries, leading them to increase their rice purchases and build up their reserves, consequently driving export prices upward.
Vietnam stands strong in terms of rice quality, with up to 90% of its rice varieties classified as high quality. The country is well-equipped to meet both domestic demands and exports. Deputy of Ministry of Agriculture and Rural Development, Phung Duc Tien, mentioned that Vietnam has the capacity to ship up to 8 million tons of rice globally this year.
In the first eleven months of the year, Vietnam has exported an impressive 7.75 million tons of rice, valued at $4.4 billion, marking a significant 36% increase in value. Notably, buyers from the Philippines, Indonesia, and China have been fiercely competing to secure Vietnamese rice supplies.
These developments in the rice industry highlight Vietnam’s strong position as a leading rice exporter, even amidst challenging global conditions. As demand continues to rise, the country remains poised to meet both domestic and international needs.
Sources: [e.vnexpress.net](https://e.vnexpress.net)
