Rice export prices dip

Vietnam’s rice export prices have recently taken a nosedive due to falling demand for rice imports from China, the local media reported.

Vietnam’s price for 5% broken rice for export dropped to US$335-345 per ton this week, from last week’s US$340-350 per ton.

A trader in HCMC said that Vietnam is having difficulty finding new rice import markets to make up for the plunge in rice exports to China.

Statistics from the General Department of Vietnam Customs show that rice shipments to China in the January-July period slipped 65.7% year-on-year to 318,100 tons.

Rice traders said that the demand for rice on the Chinese market remains high, but technical barriers imposed by the Chinese government have prevented the country’s rice importers from buying Vietnamese rice.

On the Thai market, the price for Thailand’s 5% broken rice jumped from US$406 per ton last week to US$415 per ton this week.

The rising rice prices in Thailand resulted from concern over supply, due to Thailand facing the worst drought in the past decade, some traders said.

In India, the price of 5% broken rice has fallen from US$377-381 per ton last week to US$374-377 per ton this week, as the rupee has recently weakened.

Statistics show that India’s rice exports in the second quarter of 2019 declined 28.2% year-on-year to 2.35 million tons, resulting from falling demand for most types of rice during this period, except basmati rice.

saigontimes

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