Specifically, Vietnam’s 5% broken rice export price is being traded at 575 USD a ton, 14 USD a ton higher than the same type of rice from Thailand and 34 USD a ton higher than Pakistani rice. Vietnam’s 25% broken rice also increased to 539 USD a ton, 27 USD a ton and 22 USD a ton higher than the same type of rice from Thailand and Pakistan, respectively.
Compared to the world’s top rice exporting countries, Vietnam’s rice export price reached the highest rate. This is a recovery sign for Vietnam’s rice exports, because in July, its export prices were lower than those of Thailand, Pakistan and Myanmar.
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| The rice packaging line for export at Phuoc Thanh II Company Limited in Long An province. (Photo: HNMO) |
The Vietnam Food Association said that the main reason is the imbalance between supply and demand; with supply failing to meet market demand.
In addition, the major import market, the Philippines, has reduced import tax from 35% to 15%. This has stimulated Filipino businesses to increase rice imports.
Not only in traditional markets, the country’s rice export prices have also increased in many markets. Specifically, in Brunei, the price of rice reached 959 USD a ton, while it was 868 USD a ton in the US.
Other markets such as the Netherlands, Ukraine, Iraq and Türkiye also saw rise in export prices. The increase in most markets helped Vietnam become the country with the highest rice export price in the world.
According to VFA statistics, in the first seven months of 2024, Vietnam exported nearly 5.3 million tons of rice, with an estimated value of 3.34 billion USD. The amount of exported rice increased by only 8.3%, but the value increased sharply by 27.7% compared to the same period last year./.