Export rice prices are vibrant again, increasing by 13 USD/ton in the first session of the week

Favorable market situation, Vietnam's rice export price increases again. Philippines plans to import up to 4.1 million tons of rice, rice price "heats up" again.

After more than a week of stagnation and sideways movement, world rice export prices have heated up again this week, as rice prices from some sources have been adjusted upward.

The Vietnam Food Association (VFA) update on March 18 showed that the price of Vietnam's standard 5% broken rice increased by 13 USD/ton, to 597 USD/ton.

Along with the increase, Pakistani rice also increased by 4 USD, up to 603 USD/ton. Thai rice decreased by 5 USD, down to 610 USD/ton.

Giá gạo xuất khẩu sôi động trở lại, tăng 13 USD/tấn ngay phiên đầu tuần

Vietnam's export rice price increased by 13 USD/ton, positively affecting domestic rice prices.

Explaining this trend, some rice exporting enterprises said: Since the beginning of March, the amount of Vietnamese rice has been relatively abundant, so the price has decreased. Thanks to that, the competitiveness in the world market has increased, especially compared to Thai rice.

In addition, importing countries such as Indonesia and the Philippines are also actively "buying goods" to ensure domestic food needs. Specifically for the Philippines, in the "World Agricultural Production March 2024" report, the USDA reported that the Philippines' estimated rice output in the 2023/24 crop year is 12.3 million tons, down from the February estimate and down 3% year-on-year due to dry weather. In 2024, according to many recent reports, the country is expected to import up to 4.1 million tons of rice, an increase of about 600,000 tons compared to the amount of rice imported in 2023.

For Indonesia, in 2024, it is estimated that the country will import up to 3.6 million tons of rice and on March 18, the National Logistics Agency of Indonesia (Bulog) announced a tender to import 300,000 tons of 5% broken rice. The latest delivery time is the end of June this year. According to statistics, Indonesia mainly imports rice from Thailand and Vietnam.

In addition, another country, South Korea, recently announced an international tender to buy about 100,800 tons of rice from the US, China and Vietnam with a deadline for submitting bids of March 21, 2024 (according to a press release on the website of the state-backed Agro-Fisheries and Food Trade Corporation - KAFTC). Of which, KAFTC wants to buy 77,700 tons of medium-grain rice from the US, 22,000 tons of short-grain brown rice from China and 1,100 tons from Vietnam, with delivery expected between May 2024 and January 2025.

According to experts, that is the reason why Vietnamese rice prices are increasing at this time. Notably, Vietnamese rice exporting enterprises have recently taken advantage of the opportunity when rice prices are relatively favorable to purchase and reserve.

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