Rice price slightly up on 5pct export dip

The rice export price of Asia, including Vietnam, has increased slightly due to new demand from Bangladesh and supply sources affected by the flood in Vietnam, said the trade ministry.

Bangladesh has just announced the purchase of 100,000 tonnes of white rice from Vietnam – the second largest rice exporter in the world. Also, some customers from Cuba, Iraq and Africa have indicated an increased demand for rice imports.

The prices of rice with 25 percent and 5 percent of broken rice are standing at over $315 per tonne and $360 per tonne, compared with $305 per tonne and $350 per tonne last week. The exporters forecasted that this uptrend will be maintained in the foreseeable future.

In the first seven months of the year, Vietnam exported about 4 million tonnes of rice, or about $1.97 billion in turnover, down 4.98 percent in quantity but equivalent in value over the same period last year.

At present, Vietnamese rice exports are in a favourable position due to a strong euro against the US dollar. Also, the adverse climate in some big rice production markets like China and the Philippines has helped Vietnamese export prices remain firm.

The Vietnamese Food Association said that some rice export businesses are now accessing markets in Brazil and South America. Vietnamese rice exports are expected to improve between now and the end of the year.

Tags: Vietnam rice, Vietnam Rice prices