The rice prices of competitors Thailand and Pakistan are decreasing, while the price of Vietnamese rice is soaring, making this strong commodity of our country the most expensive in the world.
According to statistics from the General Department of Customs, last July, our country exported more than 751,000 tons of rice, earning nearly 452 million USD. Compared to the previous month, rice export increased sharply by 46.3% in volume and up to 39.7% in value.
In the first 7 months of 2024, our country exported nearly 5.3 million tons of rice, with an estimated value of 3.34 billion USD. The volume of exported rice increased by only 8.3% but the value increased sharply by 27.7% compared to the same period last year.
Our country's average rice export price reached 632 USD/ton, an increase of 18.2% over the same period in 2023.
Notably, after a series of days of sharp declines in Vietnamese rice export prices, down to a low level compared to competitors such as Thailand and Pakistan, in recent days the upward trend has returned to this strong commodity of our country.
Data from the Vietnam Food Association (VFA) shows that Vietnamese rice prices are increasing in the opposite direction to those of its competitors, Thailand and Pakistan. On August 15, Vietnam’s 5% broken rice was traded at $575 per ton, $14 per ton higher than the same type of Thai rice and $34 per ton higher than that of Pakistan.
Similarly, our country's 25% broken rice export price also increased to 539 USD/ton, higher than the same type of rice from Thailand and Pakistan by 27 USD/ton and 22 USD/ton, respectively.
Compared to the world's top rice exporting countries, Vietnamese exported rice is the most expensive.
In the domestic market, rice prices have also recovered in recent weeks, helping farmers earn a good income.
According to VFA, the average export price of Vietnamese rice is very high. At one point, the export price of Vietnamese rice to Brunei reached 959 USD/ton, to the US reached 868 USD/ton, to the Netherlands reached 857 USD/ton, to Ukraine reached 847 USD/ton, to Iraq reached 836 USD/ton, to Türkiye reached 831 USD/ton...
It is forecasted that the world will have a shortage of 7 million tons of rice this year. Some countries are restricting exports, while others are increasing rice imports for storage. This creates opportunities for rice exporting countries, including Vietnam.
Currently, import demand from traditional customers of Vietnamese rice such as the Philippines, Indonesia, Ghana, Malaysia, Singapore... is high and increasing. Rice exporting enterprises are also actively expanding to new markets such as the Middle East, Africa, South America, Japan, Korea...
Last July, in the rice bidding round of Indonesia - Vietnam's second largest rice export market - Vietnamese enterprises won 7 out of 12 bidding packages. The winning bid price this time was 563 USD/ton, better than the average export price on the market.
With positive signals from export markets, according to experts, Vietnamese rice price It will be difficult to decrease as deeply as recently. Our country's rice export turnover this year is expected to reach 5 billion USD.
To develop a stable rice market in the face of challenges such as climate change, changing consumption trends in the world, and the decline of many resources,... recently, the Minister of Agriculture and Rural Development, the Minister of Industry and Trade, and relevant agencies met to discuss this industry.
Both ministries agreed with the proposal to establish a National Rice Council, aiming at multi-value, product and market diversification, bringing good income to rice growers and rice production areas.
When established, along with overcoming the current limitations of the rice industry, the National Rice Council will quickly handle issues arising in the rice trade activities. Specifically, Thailand, India... have new, sudden policies on rice export; the issue of developing rice brands, counterfeiting of Vietnamese rice...
Source
Comment (0)