Vietnam rice export price highest in two years

By Thi Ha   May 5, 2023 | 03:51 pm PT
Vietnam rice export price highest in two years
Vietnam’s ST 25 rice exported to many markets. Photo by VnExpress/Quynh Tran
Vietnam rice price was US$526 a ton on average in Q1 2023, 7.6% up year-on-year, which overtook Thailand to top the world.

This is also the highest price in 2 years.

Vietnamese 5-percent broken rice sells at $500 a ton, $50 more than last month, and the highest since April 2021. Meanwhile, Thai and Indian rice prices drop.

Indian 5-percent broken rice price is $388 a ton, $4 less than last month, while the same rice from Thailand is at $480, $10 down.

The Vietnam Food Association (VFA) said that food supply in many countries was disrupted, which benefited the Vietnam rice industry when foreign orders increased.

Besides the Philippines, China and the EU are also increasing their imports of high quality rice from Vietnam. However, merchants and exporters said that supply could not keep up with demand, and as such, rice prices may even rise higher in Q2.

In Q1, the Philippines was the biggest market for Vietnam rice with 45.9% share, reaching 893,000 tons and $450.4 million, up 32.9% in volume and 44.8% in value year-on-year.

Among the 15 largest rice export markets, Indonesia had the strongest spike in value, which was 177.4 times higher.

According to the Ministry of Agriculture and Rural Development, rice exports reached 3 million tons in the first 4 months this year, around $1.56 billion, up 43.6% in volume and 54.5% in value year-on-year.

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