Vietnam's rice export prices fall to lowest level in a year

Vietnam's 5% broken rice was offered at $565-$570 a tonne on July 11, the lowest since July 27, 2023 and down from $575 a tonne last week.

Processing rice for export at Tan Tuc High-grade Food Processing Enterprise, Binh Chanh District, Ho Chi Minh City. (Source: VNA)

Rice prices in the Mekong Delta remained largely stable last week compared to the previous week. However, rice export prices from Vietnam fell to their lowest level in a year.

Vietnam's rice exports fell 40 percent in June from May to 513,409 tons. However, in the first half of this year, exports rose 7.4 percent year-on-year to 4.55 million tons.

While rice export prices from Vietnam fell to a one-year low, Thai rice prices also fell this week on weak demand, as the market awaits the possibility of India easing restrictions.

Specifically, Thailand's 5% broken rice fell to $570-$575 per ton on July 11, the lowest level since early April, down from $585 per ton last week.

A trader in Bangkok said no big orders had come in and new supplies were going well. Meanwhile, another trader said there had been no special orders and sellers were relying on regular customers.

Meanwhile, in India, 5% broken parboiled rice was quoted at $539-$545 per tonne this week, down from $541-$548 last week, due to weak demand due to higher freight charges and a depreciating rupee.

An exporter based in Kakinada, Andhra Pradesh, said demand has been weak in the past few weeks, as buyers are holding back purchases after a buying spree in May. Meanwhile, domestic rice prices in Bangladesh remain high despite a good harvest and ample stocks, making it difficult for consumers.

The situation could get worse as floods have submerged large areas of farmland, potentially affecting future rice production.

Source: https://baoquocte.vn/gia-gao-xuat-khau-cua-viet-nam-giam-xuong-muc-thap-nhat-trong-mot-nam-278643.html