After a long period of staying high, Vietnamese rice prices suddenly dropped sharply, leaving the peak. Meanwhile, the price of Thai rice of the same type increased, taking the top spot in the world.

Data from the Vietnam Food Association (VFA) shows that Vietnam's export price of 5% broken rice soared to a historic peak of 663 USD/ton and remained at this threshold for a long time.

Accordingly, Vietnamese rice has the highest price among the top major exporting countries in the world. Notably, in the trading session on November 21, 2023, Vietnamese rice prices were 78 USD/ton and 85 USD/ton higher than similar goods from Thailand and Pakistan, respectively.

However, in recent trading sessions, the price of Vietnam's 5% broken rice has decreased. By January 26, the price of this commodity was 642 USD/ton, down 21 USD/ton from the peak of 663 USD/ton.

Similarly, our country's export of 25% broken rice also decreased from a peak of 648 USD/ton, to 614 USD/ton.

Contrary to the decreasing trend of Vietnamese rice, Thai rice of the same type is following a strong upward trend. On January 26, Thai rice increased to 656 USD/ton, 14 USD/ton higher than Vietnamese goods of the same type, 18 USD/ton higher than Pakistani goods.

With this price, Thailand has surpassed Vietnam, topping the list of countries with the most expensive rice export prices in the world.

According to preliminary statistics from the General Department of Customs, in the first half of January 2024, our country exported more than 194,000 tons of rice, earning 134.6 million USD.

Recent forecasts show that this year rice prices are still on the rise due to tight supply. India continues to restrict rice exports, while supplies from Asian countries decline due to the impact of El Nino. Meanwhile, demand for rice in many countries remains high.

Recently, Indonesia announced a tender opening for 500 thousand tons of white rice, delivery in February-March 2024. This country has approved an import quota of 2 million tons of rice this year.

Mr. Le Thanh Hoa, Deputy Director of the Department of Quality - Processing and Market Development (Ministry of Agriculture and Rural Development), said that global rice production could reach a record of nearly 520 million tons, while consumption will also increase. approaching 525 million tons. That is, the world will have a shortage of 5 million tons of rice in 2024.

Along with that, global rice inventories decreased to just over 160 million tons. Meanwhile, import needs of countries will fluctuate. Some countries such as Indonesia, Philippines, China... have a need to import large amounts of rice. Mr. Hoa said that this is a good opportunity for Vietnam's rice industry.

Facing forecasts that rice prices will remain high in 2024, Director of the Department of Crop Production Nguyen Nhu Cuong informed that although the rice area tends to decrease, the production plan for 2024, the crop industry still aims to maintain stability. Rice cultivation area reached 7.1 million hectares, rice output was over 43 million tons; ensure export of 8 million tons of rice or more.

Source: Vietstock