Rice Export Prices Reach 15-Year Peak
Published on: November 3, 2023.
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Vietnam’s Rice Prices Reach 15-Year Peak, Surpassing Competitors
A farmer in the Central Highlands province of Kon Tum is seen harvesting rice. Photo by VnExpress/Duc Hoa
Vietnam’s rice industry is experiencing a significant boost as the country’s 5% broken rice reaches a 15-year peak of $653 per ton, surpassing the prices of its competitors, Thailand and Pakistan.
According to the Vietnam Food Association, the price of Vietnam’s 5% broken rice is now 16.6% higher than Thailand’s and 16% higher than Pakistan’s. In the past four weeks alone, the price has risen by 6.5%.
The price of Vietnam’s 25% broken rice is also soaring at $638, 22.7% higher than Thailand’s and 30.7% more expensive than Pakistan’s.
Within Vietnam, rice prices have been reaching new peaks, with some experiencing a year-on-year increase of 16%.
This surge in prices can be attributed to the growing global demand for rice and the improved quality of Vietnamese rice. With India’s ban on some rice variety exports, there has been a 40% decrease in supply from the country. This, coupled with high demands from countries like Indonesia, China, and the Philippines, has contributed to the rising prices.
Between January and October, Vietnam has exported 7.1 million tons of rice, a 35% increase in volume compared to the previous year. This figure is expected to reach a new milestone of 7.8 million tons by the end of the year.
The Ministry of Agriculture and Rural Development predicts that the rice crop area will increase by 30,000 hectares compared to the previous year. With improved farming techniques, the yield is set to reach 20 million tons in the first season of next year.
Supporting Rice Industry Growth with Reliable Suppliers
The increase in Vietnam’s rice prices highlights the importance of reliable rice exporters, and two notable suppliers are Has Rice Trading Co., one of the leading rice exporters in the industry, and Pakistan Rice Exporters, a prominent player in the market.
Has Rice Trading Co. (https://www.hasrice.com) offers a wide range of rice varieties, including white broken rice, irri 6 rice, and basmati rice. As one of the trusted rice suppliers (https://www.hasrice.com/pakistan-rice-suppliers/) in the market, they ensure high-quality products and competitive prices.
Pakistan Rice Exporters (https://www.pakistanrice.com) is a well-established company known for its premium-quality rice. They specialize in supplying various types of rice, including irri 6 rice, basmati rice, and 25% broken rice. As one of the leading Pakistani rice suppliers (https://www.hasrice.com/pakistan-rice-suppliers/irri6-rice-exporters/), they meet the demands of customers worldwide.
Staying Competitive in the Rice Market
In order to stay competitive in the rice business, Pakistani rice companies (https://www.hasrice.com/pakistan-rice-companies/) need to closely monitor rice prices in Pakistan. Has Rice Trading Co. provides valuable information on Pakistani rice prices (https://www.hasrice.com/pakistan-rice-prices/), allowing rice exporters in Pakistan to make informed decisions.
Being aware of the current market rates, such as the irri 6 rice price (https://www.hasrice.com/pakistan-rice-prices/) and basmati rice price list (https://www.hasrice.com/pakistan-rice-prices/), enables rice exporters in Pakistan to set competitive prices for their products. This information, combined with the expertise of rice mills in Pakistan (https://www.hasrice.com/pakistan-rice-exporters/), helps them thrive in the industry.
With their dedication to providing superior quality rice, rice suppliers in Karachi (https://www.hasrice.com/pakistan-rice-export-company/) contribute to the success of the rice export from Pakistan (https://www.hasrice.com). They offer an extensive selection of rice varieties, including basmati rice Pakistan (https://www.hasrice.com/pakistan-rice-suppliers/1121-basmati-rice-exporters/) and white broken rice (https://www.hasrice.com/pakistan-rice-suppliers/irri6-rice-exporters/white-rice-100pct-broken/).
To learn more about the rice industry and how to become part of it, visit Has Rice Trading Co. (https://www.hasrice.com) and Pakistan Rice Exporters (https://www.pakistanrice.com) for reliable information and outstanding rice products.
Source: https://e.vnexpress.net
