Vietnam’s rice export price lowest in 19 months
Vietnam’s rice export price lowest in 19 months
The export price of Vietnam’s five-percent broken rice dropped US$17 to $485 per metric ton on Wednesday, the lowest in 19 months, according to the Vietnam Food Association.
A paddy field in Bac Lieu Province, southern Vietnam. The export price of Vietnam’s five-percent broken rice fell US$17 to $485 per metric ton on December 25, 2024. Photo: Quang Dinh / Tuoi Tre |
Meanwhile, the same type of rice of Thailand, India, and Pakistan was priced at $501, $449, and $452 per metric ton, respectively.
Vietnam’s 25-percent and 100-percent broken rice prices also fell $11 and $17 to $459 and $388 per metric ton, respectively.
Local rice exporters attributed the situation to the Philippines’ suspension of rice imports from Vietnam.
The Philippines is a traditional market of Vietnam’s rice and the largest rice importer in the world.
Meanwhile, Philippine media cited the Department of Agriculture as saying that there were still six million rice bags in the National Food Authority’s storage facilities.
This rice volume is at a high risk of spoilage and is being sold to the domestic market at 30 peso ($0.5) per kilogram, lower than the market price of 40 peso ($0.7).
The secretary of agriculture in the Philippines has a plan to sign memoranda of understanding with Pakistan and India to create a fair playground for rice exporters, Philippine media reported.
Vietnam has exported some nine million metric tons of rice so far this year, generating $5.8 billion, according to the Vietnam Food Association.
The Philippines purchased 3.3 million metric tons of rice from Vietnam, accounting for 77 percent of the latter's rice exports. It was followed by Thailand with nearly 545,000 metric tons, Myanmar with 185,000 metric tons, and Pakistan with 15,000 metric tons.
The Philippine Department of Agriculture reported that the country’s rice imports had hit 4.25 million metric tons in 2024, well above the 3.6 million metric tons in 2023 and the 3.8 million metric tons in 2022.
The U.S. Department of Agriculture forecast the Philippines would import 4.5 million metric tons of rice in 2025.
