Rice export prices rise to 3.5-month high
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The prices for Vietnamese 5 percent broken rice rose to $420 per ton late March, the highest in the past 3.5 months.
Vietnam exported 1.48 million tons of rice worth $715 million in the first three months this year, up 24 percent in volume and 10.5 percent in value against the same period last year, according to the Ministry of Agriculture and Rural Development.
The ministry said stable global demand and high transportation costs resulted in March’s price hike.
Vietnam’s 5 percent broken rice was sold at $415-420 per ton in late March, up $20 per ton from the beginning of the month. On average, the rice has cost $414 per ton in the world market in March, up $16 per ton against February.
Meanwhile, Thailand’s 5 percent broken standard rice was sold at $408-412 a ton, down $16 from the beginning of the month as the baht continued to drop against the dollar.
Vietnam exported over 6.2 million tons of rice for nearly $3.3 billion last year, according to the General Department of Vietnam Customs.
The average export price of Vietnamese rice rose 5.5 percent in 2020 to $526.8 per ton in 2021, according to the agriculture ministry.
Questions & Answers
Q.What is the primary reason given for the recent increase in Vietnamese rice export prices?
What is the primary reason given for the recent increase in Vietnamese rice export prices?
The Ministry of Agriculture and Rural Development stated that stable global demand and high transportation costs were the reasons for the price hike in March. These factors contributed to the 3.5-month high for Vietnamese 5 percent broken rice.
Q.How much rice did Vietnam export in the first three months of this year, and how does this compare to the previous year?
How much rice did Vietnam export in the first three months of this year, and how does this compare to the previous year?
Vietnam exported 1.48 million tons of rice worth $715 million in the first three months of this year. This represents an increase of 24 percent in volume and 10.5 percent in value compared to the same period last year.
Q.How did the price of Thailand's 5 percent broken standard rice change in late March, and why?
How did the price of Thailand's 5 percent broken standard rice change in late March, and why?
Thailand's 5 percent broken standard rice was sold at $408-412 a ton in late March, which was down $16 from the beginning of the month. This drop was attributed to the baht continuing to fall against the dollar.
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