Vietnam’s rice is exported at a higher price than that of Thailand, Pakistan and other major suppliers. VnExpress published a message from the Vietnam Food Association (VFA) on August 23.
Rice with 5% crushed grains is sold at $575 (52.5 thousand rubles) per tonne, which is $14 (1.3 thousand rubles) more expensive than in Thailand and $34 (3.1 thousand rubles) more than in Pakistan. Rice, crushed to 25%, is sold at $539 (49.5 thousand rubles) per tonne, which is $27 (2.45 thousand rubles) and $22 (2 thousand rubles) more expensive than in Thailand and Pakistan, respectively.
In July, Vietnamese export prices were lower than those of Thailand, Pakistan and Myanmar. According to VFA experts, the main reason for the increase was excess demand over supply. Demand for rice increases after the harvest in most producing countries.
The Philippines, a major rice importer, has reduced its rice import duties from 35% to 15%, prompting companies to increase imports. Brunei, a new buyer from Vietnam, buys rice for $959 (88,000 rubles) and $868 (79.5 thousand rubles), respectively.
VFA reports that in the first seven months Vietnam shipped nearly 5.3 million tons of rice worth 3.34 billion USD (305 billion rubles) abroad. In quantitative terms, exports increased by 8.3%, while the value increased by 27.7% compared to the first seven months of 2023.
The Ministry of Agriculture and Rural Development (MARD) expects an increase in rice demand in most countries in the coming months. Indonesia announced its intention to purchase 4.5 million tonnes of the grain. Previously, 3.6 million tonnes were planned.
The Philippines, a long-time buyer of Vietnamese rice, forecasts imports to rise from 4.2 million tonnes to 4.5-4.7 million tonnes this year. According to MARD forecasts, Vietnam will export 7.4-8 million tonnes of rice in 2024, worth more than $5 billion (460 billion rubles).
Source: Rossa Primavera
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