Vietnamese export rice price sets new record

The average export price of Vietnam's rice last year was US$650 per tonne, up 20.8 per cent over the same period last year.

At the end of last week, the export price of Vietnam's five per cent broken rice was trading at $513 per tonne, a sharp increase over the $500 to $510 per tonne recorded in the first week of July.

Meanwhile, the export price of 25 per cent broken rice also increased to $493 per tonne.

The latest data from the General Department of Vietnam Customs shows that, in the first half of this year, Vietnam exported more than 4.2 million tonnes of rice, worth $2.26 billion, up 21 per cent in volume and 32 per cent in value compared to the same period last year.

The average export price of rice in the past six months reached $539 per tonne, up more than 10 per cent over the same period last year and touching the highest level in the past 10 years.

Notably, in June, the average export price of rice reached $650 per tonne, up 9.4 per cent compared to the previous month and 20.8 per cent over the same period last year.

The price of Vietnamese rice is continuing to maintain its upward momentum due to increased demand abroad.

Many countries around the world are actively purchasing rice to ensure food security as the El Nino phenomenon is forecast to negatively affect agriculture globally.

In the first five months of the year, Vietnam's rice export growth to traditional markets such as the Philippines and China both recorded double-digit gains.

Rice exports to many new markets such as Indonesia, Chile, Turkey, and Senegal recorded a sudden increase from 1,100 per cent to 16,000 per cent over the same period last year.

Rice export prices in other countries in Asia also tended to increase in the past week as demand increased.

Currently, the market is focusing on monitoring developments around India's rice export policy. Reuters News Agency reported that the Indian government is considering banning the export of all non-Basmati rice.

India currently accounts for 40 per cent of total global rice exports. If the above export ban is passed, the world rice price will rise significantly; at the same time, creating conditions for other rice exporting countries such as Việt Nam and Thailand to increase their market share.

Source: VNS