Vietnam’s rice export prices rise further
Vietnam’s rice export prices rise further
The export price of Vietnamese rice increased US$5-10 per metric ton on Tuesday after moving sideways for around 10 days, according to the Vietnam Food Association.
The export price of Vietnamese rice increased US$5-10 per metric ton on October 31, 2023. Photo: Buu Dau / Tuoi Tre |
Vietnam’s five-percent broken rice price inched up $10 per metric ton to $653, which is higher than the same type offered by Thailand by $92 per metric ton, Pakistan by $90 per metric ton, and Myanmar by $65 per metric ton.
The price of Vietnam’s 25-percent broken rice was quoted at $638 per metric ton, also up $10 a metric ton, while Thailand and Pakistan sold the same rice variety at $521 and $488 per metric ton, respectively.
Jasmine rice from Vietnam also rose $5 per metric ton to $728.
These mark the highest rates of Vietnam’s export rice since India banned rice exports on July 20 this year and also the record high over the past 15 years.
Amid the rise in export rice prices, domestic rice rates have maintained an uptrend over the past two weeks.
The price of unhusked rice purchased at paddy fields was quoted at a maximum of VND8,650 ($0.35) per kilogram between October 19 and 26, up VND186-307 ($0.01) a kilogram against the previous week.
The price of unhusked rice traded at rice warehouses was capped at VND10,200 ($0.41) per kilogram.
In addition, the maximum prices of five-percent and 25-percent broken rice were VND15,500 ($0.63) and VND15,000 ($0.61) per kilogram, respectively.
Statistics from the General Department of Vietnam Customs showed that the country exported 700,000 metric tons of rice worth $433 million last month, which was the same in volume but up 27 percent in value against the same period last year.
In January-October, Vietnam saw its rice shipments soar 17 percent in volume and 35 percent in value year on year at over 7.1 million metric tons worth nearly $4 billion.
Over the first nine months of 2023, Indonesia was the biggest buyer of Vietnamese rice with 166,000 metric tons, followed by the Philippines, Ghana, and China.
The Ministry of Agriculture and Rural Development anticipated that Vietnam could ship around 7.8 million metric tons of rice and earn $4.2-4.5 million this year.
Commenting on the increase in export and domestic rice prices, Nguyen Nhu Cuong, head of the ministry’s Department of Crop Production, told Tuoi Tre (Youth) newspaper that Vietnam ensures a sufficient amount of rice for domestic consumption and export.
The country produced 1.62 million metric tons of rice in the autumn-winter crop as of last month and is waiting for around 2.2 million metric tons to be harvested from now till the end of the year.
