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| Over the past 8 months, countries in Asia, the Middle East, and West Africa have rushed to buy nearly 6 million tons of Vietnamese rice despite high prices. (Source: Thuong Truong) |
Specifically, 5% broken rice increased by 5 USD/ton and is currently priced at 628 USD/ton; 25% broken rice increased by 5 USD/ton, at 613 USD/ton.
The increase in export rice prices was predicted by businesses and experts earlier due to high world demand while supplies are limited.
Previously, on September 11, the Indonesian National Logistics Agency (Bulog) announced that it had opened a bid for 300,000 tons of 5% broken white rice, which was also considered one of the reasons for the increase in rice prices.
Ms. Phan Mai Huong, rice market expert and co-founder of Ssresource Media Company, commented: "Early this year, Indonesia planned to import 2 million tons of rice to ensure national food security and respond to the El Nino phenomenon.
However, they recently adjusted the target, increasing the amount of imported rice to about 2.4 million tons. Updated to the end of July, Indonesia imported about 1.4 million tons of rice."
According to this expert, through diplomatic channels, Indonesia has reached a contract to buy 125,000 tons of rice from Cambodia, of which 25,000 tons are fragrant rice and the rest is white rice. In addition, Indonesia is also promoting a contract with Myanmar, with an output of about 70,000 - 80,000 tons.
Regarding Vietnam's rice exports, according to VFA, in the first 8 months of this year, the world rice market had many favorable conditions, helping to increase the output and export value of this commodity, especially after India banned rice exports since July 20.
Statistics from the General Department of Customs show that in the first 8 months of the year, rice exports reached nearly 6 million tons, the highest level ever, up 20% over the same period and completing 89% of the yearly plan.
The export value in the first 8 months also increased to nearly 3.2 billion USD, an increase of more than 34% over the same period in 2022. Among the import markets, the Philippines, China, Indonesia and Ghana... are the countries that import the most Vietnamese rice.
Senegal, Poland, Ghana, and Gabon increased their purchases of Vietnamese rice because they are also experiencing a shortage of supply from India, while domestic supplies have decreased due to drought.
With the current developments, many businesses predict that Vietnam's rice export situation will continue to grow well in the coming months, thanks to the number of good orders from many new markets.
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