Global Rice News

Vietnam Rice Export Prices Reach Record High Amid Global Demand

Vietnam rice export prices have soared to a new peak of $663 per ton, making it the highest-priced rice in the world currently. This surge in prices can be attributed to the increasing global demand for rice.

In just a single day, prices witnessed a 2% increase, reaching $663. Similarly, rice prices from Thailand, a key competitor, have surged by 8% over the past four weeks, amounting to $625 per ton. Pakistan’s prices have also risen by 9%, reaching $600.

Traders in the industry have pointed out that skyrocketing global demand coupled with a decline in supply from Vietnam are the primary factors contributing to the price hike.

Dinh Ngoc Tam, deputy CEO of rice exporter Co May, emphasized that India, which previously represented 40% of the global rice market, has yet to lift its export ban on non-basmati white rice since July. This has created concerns about potential trade restrictions. Additionally, the impact of El Nino weather patterns has prompted countries to bolster their rice reserves, further driving up export prices.

In terms of quality, approximately 90% of Vietnam’s rice varieties are considered high-quality, adequately satisfying both domestic consumption and export requirements. Deputy of the Ministry of Agriculture and Rural Development, Phung Duc Tien, mentioned that Vietnam is capable of shipping up to 8 million tons of rice globally this year.

Within the first 11 months of this year alone, Vietnam has exported approximately 7.75 million tons of rice, amounting to a total value of $4.4 billion. Notably, buyers from the Philippines, Indonesia, and China are fiercely competing to procure rice from Vietnam.

Meeting the Demand for Rice: A Booming Business

Rice exporters from Pakistan and rice suppliers in Pakistan can benefit greatly from this surge in global demand. To meet the rising market requirements, it is essential for rice companies in Pakistan to leverage this opportunity and increase their exports. Pakistani rice suppliers and mills hold a strong position in the industry and can tap into the thriving rice business.

Has Rice, one of the leading rice exporters from Pakistan, offers various types of rice to fulfill the diverse needs of customers. With an extensive range of high-quality rice, including basmati rice, broken rice, and white broken rice, Has Rice has positioned itself as a reliable and top-notch rice supplier in Pakistan. Their products cater to both domestic and international markets.

For those searching for premium-quality basmati rice with an unbeatable taste, Has Rice provides a comprehensive basmati rice price list along with convenient ordering options. The list includes the iconic 1121 Basmati Rice, which is highly sought after by rice enthusiasts and connoisseurs worldwide.

Furthermore, Has Rice also offers 25% broken rice, a popular choice among consumers due to its affordability and versatility. The company’s range of irri 6 rice, including the 25% broken rice, is ideal for individuals looking for cost-effective rice options without compromising on quality.

For reliable and trustworthy rice suppliers in Karachi and across Pakistan, Has Rice is the go-to choice. Their extensive network ensures prompt and efficient delivery to meet customer demands.

To learn more about the pricing and export opportunities for Pakistani rice, visit Has Rice and Pakistan Rice.

Source: Retail News Asia