Vietnamese rice is the most expensive in the world

Vietnam's rice export prices continue to remain high and remain the most expensive among the world's largest exporting countries.

On November 23, according to the export market survey, the price Vietnamese rice continued to increase slightly and lead the region.

Price 5% broken rice Vietnam's price is 522 USD/ton. This price is much higher than other countries exporting the same type such as Thailand at 490 USD/ton, India at 452 USD/ton, Pakistan at 458 USD/ton, and Myanmar at 500 USD/ton.

Price 25% broken rice Vietnam's price is at 485 USD/ton, higher than other countries such as Thailand's price of 452 USD/ton, India's price of 438 USD/ton, Pakistan's price of 421 USD/ton.

In general, rice price Vietnam's exports continue to lead the region, significantly higher than other suppliers.

Vietnamese rice is the most 'expensive' in the world. Illustration photo: Internet.

According to statistics from the Ministry of Agriculture and Rural Development (MARD), the total rice export volume in the first 10 months of the year reached nearly 7.8 million tons, bringing in 4.86 billion USD, up 10.2% in volume and 23.4% in value over the same period in 2023.

The average export rice price in the first 10 months of the year is estimated at 626.2 USD/ton, up 12% over the same period in 2023.

Experts say that the current export price of Vietnamese rice has decreased compared to the average of the first 10 months of the year because India has lifted the ban on rice exports, so the global market has more supply. However, the price of Vietnamese rice is still high and remains the most expensive among the world's largest exporting countries.

In the first nine months of the year, the Philippines was Vietnam's largest rice consumer market with a market share of 45.4%. Indonesia and Malaysia were the next two largest markets with market shares of 14.4% and 8.5%, respectively.

Recently, the Indonesian National Food Agency set a target to stop rice import as early as next year. However, some specialized rice imported from Vietnam will be exempted from the import ban. Therefore, it will not affect Vietnam's export market.

According to Mr. Nguyen Hoang Hiep - Deputy Minister of Agriculture and Rural Development: "It is expected that by the end of the year, rice output will reach 43 million tons, ensuring domestic food security and exporting over 8 million tons of rice, with a forecast turnover of over 5 billion USD, the highest ever."

On the other hand, Vietnam’s rice imports have also increased dramatically. In the past 10 months, Vietnam imported up to 1.2 billion USD worth of rice, up nearly 73% compared to the same period last year – a record high.

According to the forecast of the US Department of Agriculture (USDA), this year Vietnam will be the third largest rice importer in the world with a record 3.2 million tons. This figure is behind the Philippines with 5 million tons and Indonesia with 3.7 million tons.

Source