vietnam’s export rice price achieves record high
Published on: November 2, 2023.
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Vietnamese Export Rice Prices Reach Record Highs Amid Increasing Global Demand
Vietnamese export rice prices have recently surged to their highest level ever, reaching unprecedented heights, according to the Vietnam Food Association (VFA).
Vietnam’s 5% broken rice is now being traded at $653 per tonne, marking a $10 per tonne increase. Similarly, the price of 25% broken rice has reached a record high of $638 per tonne.
These prices exceed those of other rice-exporting countries such as Thailand and Pakistan. In comparison, 5% broken rice is valued at $560 per tonne in Thailand and $563 in Pakistan, while 25% broken rice is priced at $520 in Thailand and $488 in Pakistan.
The VFA emphasizes that there is significant potential for Vietnamese rice exports, as global demand continues to rise sharply. The Philippines alone plans to import an additional 1.1 million tonnes of rice, while Indonesia’s demand stands at 2.3 million tonnes. Additionally, China’s rice imports are expected to surge by the end of the year.
Vietnamese exporters anticipate that rice prices will continue to rise even during the fall-winter and winter-spring harvest seasons, explaining that global demand has been steadily increasing over the years while supply has been impacted by climate change.
Thanks to the consistently high quality of its rice, which is beloved by foreign consumers, Vietnam expects to sell its rice for $640-650 per tonne by the end of 2023. Domestic rice prices have also experienced an upward trend due to growing export demand. The price of 5% broken grain has reached 15,343 VND ($0.62) per kilogram, representing a 3,000 VND increase, while the price of 25% broken rice is now at 14,725 VND per kilogram, up nearly 3,000 VND from July.
However, this situation presents a challenge for many rice traders who are struggling to procure the necessary volume of rice to fulfill their orders. As a result, they have been cautious about signing new rice export contracts to avoid potential losses.
According to statistics from the General Department of Vietnam Customs, Vietnam successfully earned $4 billion from shipping over 7.1 million tonnes of rice abroad between January and October, representing a 35% increase in value and a 17% increase in volume compared to the same period last year.
The Ministry of Agriculture and Rural Development has projected that Vietnam has the potential to export 7.8 million tonnes of rice, generating $4.2-4.5 billion in export revenue in 2023.
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Source: VietnamPlus
