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| With export output increasing dramatically, by the end of this year, rice exports are forecast to reach 7.8 million tons - a record high ever. (Source: Lao Dong) |
According to the Vietnam Food Association (VFA), after the price increase in early November 2023, the price of 5% broken rice in Vietnam is higher than the peak of the price fever in August this year and far surpasses competitors such as Thailand and Pakistan.
Currently, Vietnam's 5% broken rice is being traded at 653 USD/ton, 93 USD and 90 USD/ton higher than the same type of rice from Thailand and Pakistan, respectively.
Vietnam's 25% broken rice is currently trading at $638 per tonne, $118 and $150 per tonne higher than the same grade from Thailand and Pakistan, respectively.
Since the end of June, rice export prices have increased many times and have now increased by over 150 USD/ton.
Specifically, on June 21, the export price of 5% broken rice from Vietnam was offered at 498 USD/ton, now this type has increased by 155 USD/ton. Meanwhile, the price of 25% broken rice is at 478 USD/ton, an increase of 160 USD/ton.
Along with export rice prices, domestic rice prices have not stopped increasing. Rice dealers in Hanoi said that retail rice prices have only increased since the end of June 2023, with periods of sharp increases and slight increases, and have rarely decreased.
According to experts, the reason for the high price of Vietnamese rice is due to the large demand of the world market and the increasingly high quality of Vietnamese rice.
Previously, India planned to lift the ban on rice exports in October, but so far there has been no adjustment, so the ban may last until the end of February 2024. Therefore, the world still lacks 40% of the supply from this country.
Not to mention climate change causing a decline in global rice supply, many countries are racing to buy large amounts of rice to increase reserves, causing the supply of this commodity to fluctuate and rice prices to skyrocket.
Domestic and export rice prices in Vietnam have increased sharply, continuously surpassing previous records.
According to recently released customs data, in the first 10 months of the year, Vietnam exported more than 7.1 million tons of rice, up 17% in volume and 35% in value over the same period in 2022, exceeding the plan at the beginning of the year (6.5 million tons).
Vietnam's rice export turnover officially set a record of 4 billion USD in just 10 months of 2023. This is also the highest figure after 34 years of Vietnamese rice entering the world market.
With export output increasing dramatically, by the end of this year, rice exports are forecast to reach 7.8 million tons - a record high ever.
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