Unprecedented, Vietnam's rice export price in early 2024 reached 703 USD/ton

According to the latest statistics of the General Department of Customs (Ministry of Finance), rice exports in the first half of February (from February 1 to 15) reached 150,944 tons, worth 104.33 million USD. Accumulated from the beginning of the year to February 15, rice exports reached 663,209 tons, worth 466.6 million USD. The average export price of rice was 703.5 USD/ton. Compared to the same period in 2023, the volume of exported rice increased by 14.4% (an increase of more than 83,000 tons); meanwhile, the export value increased by 53% (an increase of nearly 161 million USD). The average export price of rice was 703.5 USD/ton, an increase of 33.65% compared to the same period in 2023 (only reaching about 526 USD/ton). However, the export price of Vietnamese rice in the world market tends to decrease, the price of 5% broken rice of Vietnam is currently at 609 USD/ton, down 19 USD, lower than the price of the same type of rice from Thailand. The decrease in export rice price has also led to a decrease in winter-spring rice price in the Mekong Delta in recent days.

From the beginning of 2024 to February 15, rice exports reached 663,209 tons, worth 466.6 million USD. The average export price of rice reached 703.5 USD/ton, up 33.65% over the same period in 2023. Photo: Long An Newspaper.

The news of the Department of Agriculture and Rural Development of An Giang province shows that the price of IR 50404 rice is 7,100 - 7,300 VND/kg, Dai Thom 8 rice is 7,400 - 7,600 VND/kg, the price of OM 5451 rice is 7,200 - 7,300 VND/kg, OM 18 rice is 7,400 - 7,600 VND/kg. Compared to the beginning of the winter-spring crop, rice prices have decreased significantly, farmers' profits are falling day by day. Previously, in 2023, rice exports also achieved quite impressive numbers with 8.1 million tons and 4.68 billion USD, up 14.4% and 35.3% respectively over the previous year. In 2023, Vietnam's largest rice export market is ASEAN, accounting for 61% of the country's total rice exports with 4.9 million tons, an increase of 24% over the previous year. In addition, Vietnamese rice is also exported to other markets such as China, Ghana, etc. Some experts believe that the main reason for the decrease in rice prices is psychological. Rice importers know that Vietnam is entering the largest rice harvest season of the year, so they are not in a hurry to buy but are waiting for a good price. This has been normal in recent years, but this year, because Vietnamese rice prices are quite high, the decrease is stronger. In addition, one of the major rice buyers, Indonesia, has just signed a 500,000-ton contract at the end of January with Vietnam, Myanmar and Pakistan. In addition, recent developments before the election in India have also made importers not rush to "close the deal". It is forecasted that the downward trend in rice prices will not last. Export rice prices will continue to fluctuate in an upward direction in 2024, due to tight supply. Mr. Nguyen Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development), said that in the 2024 production plan, the crop production sector still aims to maintain the rice planting area at 7.1 million hectares, with the annual rice harvest reaching over 43 million tons. Vietnam is still guaranteed to export 8 million tons of rice or more. Source