Vietnam’s 5% broken rice export price has dropped by 5.9% to a 9-year low of US$399 per ton as of last Friday, which is $32 and $14 lower than the prices of similar products from Thailand and India, two of the leading rice exporters. This significant drop is said to be due to the increase in global supply caused by India’s high rice reserves. The price of 25% broken rice has also decreased to $371 per ton. Various types of rice imported from Thailand, India, and Pakistan are priced at $410, $394, and $377 respectively. Deputy CEO of rice exporter Co May, Dinh Ngoc Tam, stated that there has been a decline in orders for the past month and none in February. With the upcoming winter-spring rice harvest, businesses expect prices to continue to fall as there is a bumper crop expected in Vietnam due to favorable weather conditions. In January, Vietnam exported 500,000 tons of rice worth $308 million, which is an increase in volume but a decrease in value compared to last year. The Vietnam Food Association predicts that the country’s rice exports for this year will reach 7.5 million tons, a decline from the record 9 million tons in 2024. According to the U.S. Department of Agriculture, global rice supply is projected to reach a peak of 527.6 million tons in 2024-2025, mainly due to increased production in India and China. Consumption is expected to be 526.4 million tons, with exports of 56.3 million tons.
Source: VNExpress
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