Rice export prices hit 15-year high

By Thi Ha November 3, 2023 | 04:00 am PT

A farmer harvests rice in the Central Highlands province of Kon Tum. Photo by VnExpress/Duc Hoa

Vietnam’s 5% broken rice has risen to a 15-year peak of $653 per ton, exceeding that of competitors Thailand and Pakistan.

It is now 16.6% higher than Thailand’s and 16% higher than Pakistan’s, according to the Vietnam Food Association.

In the last four weeks Vietnam’s 5% broken rice price has risen 6.5%.

Vietnam’s 25% broken rice is at $638, 22.7% higher than Thailand’s and 30.7% more expensive than Pakistan’s.

Domestically in Vietnam rice prices have been hitting new peaks, some up 16% year-on-year.

Industry insiders say that the price surge came thanks to rising demand globally and the improving quality of Vietnamese rice.

As India’s ban on some rice variety exports remains, the world is seeing a 40% drop in supply from the country, while other countries such as Indonesia, China and the Philippines still have high demands.

In the first 10 months Vietnam exported 7.1 million tons of rice, up 35% in volume, according to Vietnam Customs. The figure can reach a new milestone of 7.8 million by the end of the year.

The rice crop area has increased by 30,000 hectares year-on-year. In the first season of next year, yield is set to rise from 2022 to reach 20 million tons as farming techniques improve, according to the Ministry of Agriculture and Rural Development.