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Vietnam's rice export price has surpassed Thailand's

12/04/2021

The average export price of Vietnamese rice reached USD 547/ton in March, 19% higher than March 2020. On average, in the first quarter, rice export prices increased by 18.6% over the same period in 2020.

According to the Agro-Processing and Market Development Authority (Ministry of Agriculture and Rural Development), the volume of rice exported in March is estimated at 450,000 tons with a value of USD 246 million, bringing the total volume of rice exported in the first three months of 2021 to 1.1 million tons with a value of USD 606 million, a decrease of 30.4% in volume and 17.4% in value over the same period in 2020.

Notably, in March 2021, the average export price of Vietnamese rice reached USD 547/ton, increased by 0.5% compared to February 2021 and increased by more than 19% compared to March 2020.

On average, in the first quarter of 2021, the rice export price increased by 18.6% over the same period in 2020, reaching USD 547/ton.

According to the Agro-Processing and Market Development Authority, the reason for the increase in rice export prices is due to the high demand for new winter-spring rice from Vietnam from foreign partners.

Meanwhile, Thai rice prices reached USD 538/ton in early March but fell to USD 509/ton at the end of the month, the main reason is a fall in exchange rate.

India's 5% rice price reached USD 396/ton at the beginning of the month, but increased to USD 401/ton at the end of the month. Currently, Indian rice has the lowest price among the three largest rice exporting countries, so its competitiveness is relatively high compared to the rest of the countries.

According to the Vietnam Food Association (VFA), rice exports from the end of March 2021 have been more vibrant when the supply of rice commodity is abundant and businesses have completed processing rice for export.

Regarding the export market, the Philippines is still the largest rice consumption market of Vietnam in the first two months of 2021 with a market share of 38.3%.

In the first two months of 2021, markets with a sharp increase in rice export value were China 2.3 times and Australia, which increased by more than 81%. On the contrary, the market with the biggest drop in rice export value was Mozambique, with a decrease of 83.6%.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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