Rice exports in 2024 likely to hit new record

Rice prices in the Mekong Delta did not fluctuate much last week. Rice export prices decreased in line with the trend of major exporters. However, with positive rice export results since the beginning of the year, Vietnam's rice exports in 2024 could reach a new record.

According to the Ministry of Agriculture and Rural Development, the rice export volume in October 2024 is estimated at 800,000 tons with 505 million USD, bringing the total rice export volume and value in 10 months to nearly 7.8 million tons with 4.86 billion USD, up 10.2% in volume and 23.4% in value over the same period in 2023.

The average export rice price in the first 10 months of 2024 is estimated at 626.2 USD/ton, an increase of 12% over the same period in 2023.

In 2023, Vietnam exported 8.13 million tons of rice. With the export rate of the past 10 months and domestic production capacity, rice exports will reach over 8 million tons and will surpass the record of 2023.

According to traders in the Mekong Delta, Vietnam's 5% broken rice was offered at $520-525 per tonne last week, down from $532 per tonne last week.

Traders are awaiting the decision of the Indonesian National Logistics Agency (Bulog), which is expected to be announced on November 3, a trader said, as Bulog issued a new tender on October 24. In this international tender, Bulog will buy about 500,000 tonnes of rice from Thailand, Vietnam, Cambodia, Myanmar, Pakistan and India.

Asian rice market

India's rice export prices continued to fall this week, hitting a 15-month low due to a weaker rupee and increased supplies. India's 5% broken parboiled variety was quoted at $442-$449 a tonne, its lowest since July 20, 2023, down from $450-$484 last week. 5% broken white rice was quoted at $449-$455 a tonne.

Competition among rice exporters has intensified following India’s move to revise export duties, a trader in New Delhi said. Demand remains strong, but buyers are looking for rice at lower prices, he said.

Indian exporters are cutting prices as a weaker rupee and new crop supplies are dragging down paddy prices. Earlier this month, India scrapped the export tax on parboiled rice and removed a floor price for non-basmati white rice to boost exports.

Rice warehouse in Prayagraj, India. (Photo: ANI/VNA)

In Bangladesh, officials say the country is considering further reductions in rice import duties as domestic prices continue to rise. Despite recent adjustments to reduce duties, traders have shown little interest, largely due to high import costs of over 65 taka ($0.5462) per kg. To encourage greater private sector participation and ease the burden on consumers, officials are proposing to reduce the rice import duty to 5%.

Meanwhile, Thailand’s benchmark 5% broken rice prices fell for a second straight week to $485-$495 a tonne, down from $510 a tonne last week. Traders blamed the decline on a weak baht and currency fluctuations. A Bangkok-based trader said that recently, cheaper Thai rice has had a chance to win bids from Indonesia.

Domestic market

According to the update of the Department of Agriculture and Rural Development of An Giang, the price of some types of rice purchased by traders such as: IR 50404 from 6,700-7,100 VND/kg; OM 5451 rice is priced from 7,300-7,600 VND/kg, an increase of 300 VND/kg; OM 380 fluctuates from 7,000-7,200 VND/kg; OM 18 from 8,400-8,500 VND/kg...

Regarding rice products in the retail market in An Giang, regular rice costs from 15,000-16,000 VND/kg; long-grain fragrant rice from 20,000-22,000 VND/kg; Jasmine rice from 18,000-20,000 VND/kg; common white rice 17,000 VND/kg, Nang Hoa rice 20,000 VND/kg...

The price of raw IR 504 Summer-Autumn rice is at 10,600-10,700 VND/kg. Meanwhile, the price of finished IR 504 rice is at 12,550-12,650 VND/kg.

For by-products, the price of by-products of all kinds fluctuates from 5,900-9,600 VND/kg. The price of OM 5451 broken rice is from 9,300-9,600 VND/kg; the price of dry bran is from 6,700-6,800 VND/kg.

(Source: vietnamplus)

Link: https://www.vietnamplus.vn/thi-truong-nong-san-xuat-khau-gao-2024-kha-nang-dat-ky-luc-moi-post989072.vnp

Source: https://vtcnews.vn/xuat-khau-gao-2024-kha-nang-dat-ky-luc-moi-ar905388.html