Vietnamese rice export price continues to rise due to low supply and strong demand

21-Aug-2024 03:04 PM

Hanoi. The export offer price of rice from Vietnam, a country located in South-East Asia, is moving high and fast because on one hand the pace of supply of goods in the domestic sector has slowed down and on the other hand,

there is a huge demand for it in many other countries including Philippines and Indonesia. In other exporting countries like Thailand, Pakistan, India and Myanmar, rice exports are either stable or slightly soft on offer price.

According to the data received, the export offer price of 5 percent broken Vietnamese rice has increased to $ 575 per tonne,

which is $ 14 per tonne more than the rice of Thailand and the export offer price of Pakistani rice has increased to $ 539 per tonne. In this way, Vietnamese rice is the most expensive compared to the top exporting countries at present.

The interesting fact is that just a month ago, the export offer price of Vietnam's rice was running below Thailand, Pakistan and Myanmar, but now it has increased unexpectedly,

the main reason for which is said to be its strong demand in traditional importing countries. A Vietnamese exporting firm said rice shipments to the Philippines were regular during the current month and in the first 15 days, the company's rice shipments there rose by about 30 percent compared to July. The export process is still going on.

Philippines and Indonesia have announced to increase rice imports, although both countries are major buyers of Vietnamese rice.

The Philippines has raised its rice import target from 4.2 million tons to 4.5-4.7 million tons. Similarly, Indonesia had earlier planned to import 3.6 million tons of rice,

but now it seems that some imports may reach 4.3 million tons. Rice production there is likely to decline by 9.5 percent.