According to preliminary statistics from the General Department of Customs, last January, our country exported more than 512,000 tons of rice of all kinds, earning 362.3 million USD. Compared to the same period last year, our country's rice exports increased by 42.8% in volume but the value skyrocketed by 94.5% due to the high price of this commodity.
However, in the days after the Lunar New Year holiday, rice export prices suddenly dropped sharply.
Data from the Vietnam Food Association shows that in the trading session on February 22, the export price of 5% broken rice from our country dropped sharply by 19 USD/ton, to 609 USD/ton. Compared to the peak of 663 USD/ton, the price of 5% broken rice has now decreased by 54 USD/ton, equivalent to 8.1%.
On February 22, the export price of 25% broken rice from our country also decreased by 20 USD/ton, to 584 USD/ton.
In the rice granary of the Mekong Delta, rice prices continue to fall, and trading slows down. According to the update of the Department of Agriculture and Rural Development of An Giang province, the average price of fresh rice purchased by traders at the field fluctuates around 7,800-8,700 VND/kg.
Some traders previously deposited rice at high prices, but now the price has dropped to a low level and want to cancel the deposit.
Explaining the reason for the sudden sharp drop in rice export prices, some export enterprises said that it was the 2024 harvest season, so supply was abundant, leading to importers looking to delay placing orders and hoping that prices would fall further.
Currently, not only Vietnam but also rice supply of other exporting countries in Asia is increasing.
However, businesses also believe that the downward trend in rice prices will not last long. Because businesses with sufficient financial resources will import goods and then sell them when the harvest season ends.
Previous forecasts also show that rice export prices will continue to fluctuate upward in 2024 due to tight supply. The rice market will continue to tighten at the beginning of the year due to India's ongoing export restrictions. Meanwhile, increased import demand from many countries such as Indonesia and the Philippines will increase rice export prices.
HQ (according to Vietnamnet)Source
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