Ending the downward trend, world rice prices increased by 15 USD/ton

According to data from the Vietnam Food Association (VFA), rice prices from world sources have increased by 3-15 USD/ton this week. Thus, after 2 weeks of lackluster performance with deep downward adjustments, world rice prices have increased again.

Specifically, in the trading session on October 13, the price of Vietnamese rice was adjusted up by 5 USD/ton for both 5% and 25% broken rice. The adjusted prices were 623 USD/ton and 533 USD/ton, respectively.

Vietnam's rice export price is currently number 1 in the world.

Another supplier, Thailand, also adjusted up slightly by 3 USD/ton for 100% broken rice, and the price is currently at 459 USD/ton.

Previously, in the trading session on October 12, Thailand's 5% broken rice increased by 3 USD/ton to 581 USD/ton, 25% broken rice also increased from 530 USD/ton to 533 USD/ton.

Similarly, Pakistani rice also increased by 15 USD/ton to 563 USD/ton for 5% broken rice and 483 USD/ton for 25% broken rice.

According to export traders, recently, rice export prices have tended to stagnate following moves by some importing countries to curb inflation, focus on policies to develop domestic production to increase reserves, inventories and search for alternative food.

However, after the news that Indonesia wants to import 2 million more tons and Malaysia wants to import 1.5 million more tons, it has had a positive impact on the global rice market. This has caused rice prices to be adjusted up this week. However, according to VFA, rice prices will hardly reach the peak of last August, but will only fluctuate around 630 - 650 USD/ton.

For Vietnam, the price of rice continues to maintain its top position in the world, far surpassing its competitors Thailand and Pakistan. The fact that export prices have remained consistently high has contributed to the increase in domestic rice prices.

Recorded in the Mekong Delta region, rice prices are currently trading stably at a high level. Specifically, IR 504 rice fluctuates around 7,900 - 8,100 VND/kg; OM 5451 rice fluctuates 7,800 - 8,000 VND/kg; OM 18 rice is at 7,900 - 8,100 VND/kg; Nang Hoa 9 is priced at 8,200 - 8,300 VND/kg; Dai Thom 8 fresh is 7,800 - 8,100 VND/kg; Nang Nhen (dried) is 15,000 VND/kg; Japanese rice is stable at 7,800 - 8,000 VND/kg...

Preliminary statistics from the General Department of Customs show that by the end of September 2023, our country exported nearly 6.42 million tons of rice, worth 3.54 billion USD. Compared to the same period last year, rice exports increased by 19.5% in volume and 35.9% in value.

In terms of export markets, the Philippines remains the largest customer of Vietnamese rice. In the first nine months of 2023, rice exports to this market reached 1.29 billion USD, up 13% over the same period in 2022. China is Vietnam's second largest rice export market with a turnover of 495.8 million USD, up sharply by 55.2%.

Indonesia ranked third with rice exports to this market reaching 462.6 million USD, up 1,796% over the same period last year. In addition, Vietnam's rice exports to Türkiye and Chile increased dramatically, by 10,608% and 2,291% respectively.

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