Rice exports to Brunei hit nearly 1,000 USD a ton

Monday, 08/07/2024 16:45
Vietnam’s average rice export price to Brunei is up to 959 USD a ton in the first five months of 2024, according to data from the General Department of Customs.

Besides Brunei, rice export prices to some other markets are also quite high. Specifically, the average rice export price to the US reached 868 USD a ton, the Netherlands 857 USD a ton, Ukraine 847 USD a ton, Iraq 836 USD a ton, and Turkey 831 USD a ton.

Vietnam’s rice export prices to some markets increased sharply. (Photo: congthuong.vn)

According to the latest report from the Ministry of Industry and Trade, Vietnam exported 650,000 tons of rice with a turnover of 416 million USD in June 2024, a year-on-year rise of 5.7%. In the first half of 2024, rice export volume reached 4.6 million tons, worth 2.9 billion USD, up 10.4% in volume and up 32% in value year on year.

With the Philippines cutting rice import tax from the current 35% to 15%, businesses said that the country’s rice exports accelerated and prices remained stable at a high level again. Because of this potential market, the country consumed 1.83 million tons of rice in the first five months of this year, accounting for nearly 50% of total rice exports.

It is likely that rice exports will continue to be stable and prices will increase until the end of this year if India has not yet lifted the ban on rice exports to stabilize domestic food security.

Despite many advantages, experts predict that in the second half of the year, rice products will face challenges when India lifts the ban on rice exports. In addition, drought and salinity in the Mekong Delta are also difficulties that the rice industry needs solutions to maintain growth.

Many experts say that Vietnam’s rice exports have increased sharply since the beginning of the year due to increase in rice export price. It was also attributed by India’s ban on rice exports due to the country’s rice production facing many difficulties this year.

Since the beginning of 2024, the Ministry of Industry and Trade has coordinated with functional branches to actively implement activities to promote rice trade between Vietnam and its partners. Specifically, it has negotiated and exchanged bilaterally with Indonesia and Malaysia on considering signing a rice trade memorandum, creating a stable and sustainable environment for rice trade between businesses of the two countries./.