Vietnamese rice prices increase after India’s export ban
Rice prices in Vietnam's Mekong Delta region last week reached a record high in the last 10 years after India banned the export of non-basmati white rice.
Hanoi (VNA) 𒁏– Rice prices in Vietnam's Mekong Deltaregion last week reached a record high in the last 10 years after India bannedthe export of non-basmati white rice.
The price of Vietnam's 5% broken rice increased to550-575 USD per tonne on July 27, the highest since 2011. In the week earlier, it was just 515-525 USD per tonne. Vietnam’s average rice export price for the first six months of2023 reached 539 USD per tonne, a 10.2% increase over the same period in theprevious year, according to the General Department of Vietnam Customs. A trader in Ho Chi Minh City said that exporters expect prices of the grain to rise further after India's move to restrict rice exports. Meanwhile, Thailand’s 5% broken rice prices also increased to605-610 USD per tonne on July 27, the highest in the last 11 years. On July 20, India issued a ban on rice export, aiming to ensureadequate domestic availability at reasonable prices. The ban pushed its riceprices to 445-450 USD per tonne - a record high in the last five years and ahalf. According to the Vietnam Food Association, rice prices in thedomestic market have also increased sharply. For example, the price of 5% broken rice is 12,500 VND (0.53 USD) per kg, the average price is 12,304 VND per kg, an increase of 754 VND per kg./.
Despite a bright outlook predicted for rice exports in the second half of 2023, the rice sector still needs more support to shift from quantity to quality to seize global market opportunities.
Thai rice exporters are concerned about India's announcement that it will ban the export of non-basmati white rice with immediate effect, saying the move could potentially impact Thailand's rice industry, leading to a possible 10% increase in domestic prices.
Although the export of goods has faced many difficulties, there have been encouraging signals in the past two months as enterprises and state management agencies have been actively implementing solutions to regain export momentum.
The Ministry of Agriculture and Rural Development (MARD) has forecast that in 2023, Vietnam's rice exports will reach about 7.2 million tonnes, bringing home more than 4 billion USD.
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Illustrative photo (Photo: VNA) 
