Vietnamese Export Rice Price Sets New Record

At the end of last week, the export price of Việt Nam’s five-per cent broken rice was trading at $513 per tonne.

Vietnamese export rice price sets new record
Rice bags loaded for export at a Kiên Giang Import-Export Co factory in Kiên Giang Province.-VNA/VNS Photo Trọng Đạt

HÀ NỘI — Last year, the average selling price of rice from Vit Nam was US$650 per tonne. This was up 20.8% from the same time last year.

At the end of last week, the export price of Vietnam’s 5% broken rice was $513 per tonne. This is a big jump from the first week of July, when the price ranged from $500 to $510 per tonne.

At the same time, the price of 25% broken rice for sale went up to $493 per tonne.

The latest information from the General Department of Vietnam Customs shows that Vietnam shipped more than 4.2 million tonnes of rice worth $2.26 billion in the first half of this year. This is up 21% in volume and 32% in value from the same time last year.

In the last six months, the average sale price of rice was $539 per tonne. This was up more than 10% from the same time last year and was the highest price in the last 10 years.

Notably, the average price of rice exported in June was $650 per tonne, which was up 9.4% from the previous month and up 20.8% from the same time last year.

The price of Vietnamese rice keeps going up because there is more desire for it in other countries.

Many countries around the world are buying rice to make sure they have enough food because El Nino is expected to hurt crops around the world.

Vit Nam’s rice exports to usual markets like the Philippines and China both grew by more than 10% in the first five months of the year.

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From the same time last year to the same time this year, rice exports to many new markets, such as Indonesia, Chile, Turkey, and Senegal, jumped from 1,100% to 16,000%.

As demand rose, rice export prices in other Asian countries also tended to go up over the past week.

At the moment, the market is paying close attention to what happens with India’s rice export strategy. Reuters News Agency said that the Indian government is thinking about not letting any rice other than Basmati leave the country.

India is responsible for 40% of all rice exports in the world right now. If the above export ban is passed, the price of rice around the world will go up by a lot. At the same time, other countries that export rice, like Vietnam and Thailand, will be able to grow their market share. — VNS

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