Vietnam experiences a 40% surge in rice export prices
Published on: December 15, 2023.
Filed under:
Vietnam’s Rice Export Prices Surge by 40% – Positive Sign for Rice Export Activity
In recent times, Vietnam has experienced a significant increase in rice export prices, indicating a positive trend in the rice export sector.
The Ho Chi Minh City Department of Industry and Trade has reported that the export price of Vietnam’s five percent broken rice has reached $633 per ton. This represents a substantial increase of 40.2% compared to the beginning of 2023. Additionally, the export price of Vietnam’s 25 percent broken rice now stands at $643 per ton, marking a remarkable rise of 41.9% since the start of the year. These price hikes have had a positive impact on rice export activities, benefiting local farmers.
Notably, Vietnam has achieved record-breaking revenue in rice exports, totaling $4 billion since the beginning of the year. This figure is the highest recorded in 34 years since Vietnam became a participant in the global rice export market.
Economic experts have attributed the surge in Vietnam’s rice export prices to the reduced global supply in the world market. This decrease in supply has disrupted wheat exports from Ukraine, causing a 10% reduction in the world wheat market. Corn exports have also been affected, experiencing a decline of 15%, while barley exports have dropped by 13%.
Furthermore, several major countries have imposed export bans on various food products. India has restricted the export of rice, wheat, and sugar, while Russia has enforced restrictions on rice and wheat exports. Similarly, Turkey and Kyrgyzstan have imposed bans on cereal exports. These export limitations further contribute to the strain on the global food supply chain.
Complicating matters further, Pakistan has faced unfavorable crop conditions, leading to decreased yields. Simultaneously, Thailand has actively encouraged its population to reduce rice planting, which has had a significant impact on global food supplies.
In conclusion, Vietnam’s rice export prices have surged by 40%, signaling a positive outlook for the rice export sector. These price increases, driven by global supply disruptions and export bans in various countries, have not only benefited local farmers but also contributed to record-breaking revenue in the rice export market.
Source
