The price of Vietnamese rice exports in recent days have decreased by about 600 USD/ton. In addition, the price of raw rice in the Mekong Delta has also decreased by more than 1,000 VND/kg in the past week.
Data from the Vietnam Food Association (VFA) shows that the price of 5% broken rice exports from Vietnam is currently at $690/ton, a decrease of $19/ton; the price of 25% broken rice is $584/ton, a decrease of $20/ton; and the price of 100% broken rice remains unchanged at $508/ton. It is worth noting that the prices of 5% and 25% broken rice from Vietnam are slightly lower than that of Thailand. Meanwhile, the price of 100% broken rice is $25/ton higher than that of Thailand.
Some experts believe that the main reason for the decrease in the prices of some types of Vietnamese rice exports is due to psychological factors. Currently, rice importers know that Vietnam is entering the largest harvest season of the year, so they are not rushing to buy and are waiting for better prices. While seasonal factors have become a law for many years, this year the significant decrease is due to the relatively high price of Vietnamese rice.
The price of 5% broken rice exports from Vietnam is currently at $690/ton
Along with that, one of Vietnam’s traditional and large rice buyers, Indonesia, recently signed a contract for 500,000 tons at the end of January with Vietnam, Myanmar, and Pakistan. Furthermore, recent developments before the election period in India have also made importers hesitate to “finalize the order.”
Market analysts also predict that due to the tight supply, the decreasing trend of rice prices will not last. On the contrary, the price of rice exports will fluctuate and increase in 2024. Mr. Nguyen Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development), said that despite the decreasing rice cultivation area, the agricultural sector still aims to maintain the rice cultivation area at 7.1 million hectares for the year 2024. The estimated rice harvest in 2024 is expected to reach over 43 million tons, and Vietnam is still committed to exporting 8 million tons of rice or more.
According to the latest statistics from the General Department of Customs, from the beginning of the year to mid-February, Vietnam’s rice exports reached 663,209 tons, worth 466.6 million USD. The average export price of rice reached $703.5/ton, an increase of 33.65% compared to the same period in 2023.
Compared to the same period in 2023, the quantity of rice exports has increased by 14.4% (an increase of over 83,000 tons), while the export value has increased by nearly 53% (an increase of nearly $161 million). The average export price of rice is $703.5/ton, an increase of 33.65% compared to the same period in 2023 (which was only around $526/ton). Prior to that, in 2023, rice exports also achieved impressive figures with 8.1 million tons and 4.68 billion USD, an increase of 14.4% and 35.3% respectively compared to 2022.
In 2023, the largest rice export market for Vietnam was ASEAN, accounting for 61% of the country’s total rice exports with 4.9 million tons, an increase of 24% compared to the previous year. In addition, Vietnamese rice was also exported to other markets such as China, Ghana, etc.
