Rice Export Prices Soar, Opportunity to Reach $5 Billion This Year

At the end of last week, Vietnamese 5% broken rice for export was trading at $575 per ton, $14 per ton higher than the same type from Thailand.

According to the Vietnam Food Association (VFA), Vietnamese rice prices are currently rising compared to those of Thailand and Pakistan. At the end of last week, Vietnamese 5% broken rice was trading at $575 per ton, $14 per ton higher than similar rice from Thailand and $34 per ton higher than rice from Pakistan.

Similarly, Vietnamese 25% broken rice also increased to $539/ton, higher than similar products from Thailand and Pakistan by $27/ton and $22/ton respectively. Compared to the world’s top rice exporting countries, Vietnamese rice exports currently have the highest price.

According to statistics from the General Department of Customs, in July, Vietnam exported more than 751,000 tons of rice, earning nearly 452 million USD. Compared to the previous month, rice exports increased sharply by 46.3% in volume and 39.7% in value.

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. While the volume of rice exports increased by only 8.3%, the value surged by 27.7% compared to the same period last year.

In particular, the average export price of rice from our country in the first seven months of the year reached 632 USD/ton, an increase of 18.2% compared to the same period in 2023.

In the coming period, the demand for rice imports is increasing in most countries, so many experts and businesses predict that the market will be vibrant in the last months of the year.

According to the Ministry of Agriculture and Rural Development, Vietnam is expected to export approximately 7.4-8 million tons of rice in 2024, with projected revenue exceeding 5 billion USD.

Source: Industry and Trade Newspaper