Rice prices soar on rising global demand

By Thi Ha   July 30, 2023 | 06:45 pm PT
Rice prices soar on rising global demand
Farmers harvest rice in Hanoi. Photo by VnExpress/Ngoc Thanh
The export prices of 5% broken rice rose 35% year-on-year in late July tracking a surge in domestic retail prices.

On July 27, the price of Vietnamese rice increased to $558 per ton and of Thai rice to $603. Vietnamese 5% broken rice could rise further to $600 next month, experts predicted.

Nguyen Nhu Cuong, director of the Department of Crop Production, said it could go up to $1,000 in the near future.

China, the Philippines and Indonesia are stepping up imports of Vietnamese rice.

A week after India banned the export of non-basmati white rice, rice prices in Vietnam increased sharply.

In the past two days Hoa, the owner of a rice shop on Le Duc Tho Street in Ho Chi Minh City has changed the prices of many varieties of the grain. "The prices of all have increased by VND1,000-2,000 ($4-8 cents) per kilogram," he said.

Over the past few days in the Mekong Delta, paddy prices have increased by VND400-500 to VND7,000-7,200 per kilogram. In the north and the Central Highlands, paddy prices have jumped to VND9,000.

Traders attributed the rise to businesses stepping of purchases of paddy and rice. The Vietnam Food Association said foreign importers are actively seeking to buy Vietnamese rice, and willing to pay $10-20 more per ton compared to period before India imposed the ban.

According to the General Department of Vietnam Customs, rice exports topped 4.2 million tons worth $2.26 billion in the first half of this year, up 21% in volume and 32% in value year-on-year.

The average export price in the first half was 10% higher than in the same period last year and the highest in the last 10 years.

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