Rice exports increased by 36.1% to $3.17 billion
30 August 2023
According to the latest statistics from the Ministry of Agriculture and Rural Development, in the first 8 months of 2023, rice exports reached 3.17 billion USD, up 36.1% over the same period.
This is a very strong increase in the agricultural, forestry, and fishery groups. Rice and vegetables are also 2 of the agricultural products with high export turnover in recent years.
Notably, a series of information on the rice export market continues to strongly impact rice export prices. Specifically, recently, The Indian government announced that it will impose an export tax of 20% on parboiled rice. The announcement, issued by the Ministry of Finance on August 25, is effective immediately and will be in place until October 16 this year.
At the same time, India has also imposed an export floor price for basmati rice of $1,200 per tonne. Earlier, the country banned the export of non-basmati white rice on July 7. India and Pakistan are the world’s 2 largest basmati rice export markets. Annual, India has supplied about 4 million tonnes to countries such as Iran, Iraq, the US, and Saudi Arabia. India’s new moves are likely to push world rice prices even higher.
Not only India, but Myanmar is also planning to temporarily restrict rice exports to meet domestic consumption. According to data from the US Department of Agriculture (USDA), Myanmar is the 5th largest rice exporter in the world, selling more than 2 million tons per year.
These moves have had a direct impact on export rice prices. Data from the Vietnam Food Association (VFA) showed that on the morning of August 28, the price of 5% of broken rice in our country remained at 638 USD / ton, and 25% of broken rice traded at 623 USD / ton. The export price of 5% broken rice of all 3 countries, namely Vietnam, Thailand, and Pakistan, simultaneously increased. In particular, Vietnamese rice increased by 5 USD to 643 USD / ton. Thai rice increased by $ 2 / ton to $ 630 / ton; Pakistan’s peers increased by $10 per tonne to $608 per tonne.
Accordingly, Vietnam’s 5% broken rice exports are higher than similar goods from Thailand and Pakistan at 13 USD / ton and 35 USD / ton respectively. This is also the highest level in the past 15 years.
With 25% broken rice, there was a mixed increase and decrease in the session of 28/8. Specifically, this type of rice from Vietnam increased by 5 USD/ton to 628 USD/ton; Thai Binh decreased by 2 USD/ton to 563 USD/ton; Pakistani average also increased by 5 USD to reach 533 USD, but still lower than the same product in our country at 95 USD/ton. Meanwhile, domestic rice prices continued to increase. In which, normal rice in the field increased by 136 VND/kg, ordinary rice in the warehouse had the lowest increase of 133 VND/kg, and Grade 1 brown rice had the highest increase of 313 VND/kg.
According to the Ministry of Agriculture and Rural Development, the amount of rice used to ensure food security of 100 million people and other domestic consumption needs (for processing, animal feed, stockpiling in the population, storing food, etc.) country, breeding…) about 29.5 million tons of paddy/year. Therefore, in 2023, Vietnam has about 13.5 million tons of paddy (equivalent to 7-8 million tons of rice) for export.
As the Ministry of State management of rice export, over the past time, the Ministry of Industry and Trade has continuously made recommendations on the fact that besides promoting rice exports, localities, and businesses need to pay attention to the storage of rice. rice to avoid an abnormal increase in prices, affecting people’s lives, especially during the holidays and New Year’s end of the year. On August 15, 2023, the Minister of Industry and Trade issued Directive No. 07/CT-BCT on strengthening market information, trade promotion, rice export market development, and market stabilization. in the country in the current period.
In the coming time, the Ministry of Industry and Trade will coordinate with the Ministry of Agriculture and Rural Development to closely monitor and promptly report to the Price Management Steering Committee and the Domestic Market Management Team on the situation of production and supply. Agricultural products are in the harvest season, prices fluctuate, especially those that are heavily affected by the world market such as rice.
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