Export price of Vietnamese rice on the rise
Statistics from the Ministry of Agriculture and Rural Development indicated that Vietnam exported an estimated 900,000 tonnes of rice worth VND11.3 trillion (US$480 million) in March, taking the total volume and value of rice exports in the first three months of the year to 1.79 million tonnes and VND22.3 trillion ($952 million), respectively.
While the total value of Vietnamese rice exports surged 30 percent against the same period last year, the volume fell 19 percent. From January to March, Vietnam’s rice export price averaged VND12.5 million ($531) per tonne, up 9.2 percent year on year.
During the first two months of 2023, Vietnam shipped 401,980 tonnes of rice valued at VND4.8 trillion ($204.69 million) to the Philippines, making the archipelago Vietnam’s largest rice buyer, accounting for 43 percent of the total Vietnamese rice exports. Though these numbers are impressive, they represent a 25-percent drop in volume and a 17-percent slip in value against the same period last year.
Notably, Indonesia logged the sharpest growth in rice imports among Vietnam’s rice buyers with a 304-fold increase in January and February compared to the same period last year. The export price of Vietnamese 5% broken rice now stands at VND10.5 million ($450) per tonne, up VND117,360 ($5) since the beginning of March. Local rice traders attributed the climb to the recovery of rice sales to China and Indonesia beefing up rice imports.
Other factors which contributed to the ascent include the central bank cutting operating interest rates in mid-March, which has helped bolster export activities, including rice outbound sales. Meanwhile, Thailand’s 5% broken rice is currently priced at VND10.7 million ($455) per tonne, down VND422,460 ($18) against the average price in February. The country’s currency has also weakened, taking a heavy toll on the export price of its rice.
In India, 5% broken rice sells for VND8.9-9.1 million ($382-387) per tonne, down VND328,850 ($14) against the February average, dragged by the weakening rupee.
Domestic raw rice prices still volatile
The local market is seeing volatility in unhusked rice prices throughout the Mekong Delta. An Giang Province is currently quoting medium-grade raw rice (IR50404) at VND5,900 (25 cents) per kilogram, down VND400 (1.7 cents) per kilogram against February.
High-grade raw rice sells for VND6,100 (26 cents) per kilogram in the province, down VND300 (1.3 cents) against February. In Kien Giang Province, prices of raw rice have tumbled as the province prepares to enter the harvest season.
OM 5451 fragrant rice is priced at VND6,200-6,300 (26-27 cents) per kilogram, down VND700 (2.9 cents) per kilogram against the previous month. Meanwhile, the price of unhusked rice in Vinh Long Province has seen an uptick.
The prices of husked rice of all varieties in the southern region remain stable, while those in the northern market have inched downward.
By Tieu Bac - Viet Anh / Tuoi Tre News
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In the first two months of 2023, cephalopod products contributed 8% of Vietnam's total seafood export turnover, with a value of over $89 million. In February, the export of cephalopods increased by 37% over the same period last year, reaching 47 million USD
An ongoing rise in Vietnam's rice price is the continuation of a trend that began last year when Chinese and Indonesian importers upped their consumption of the Vietnamese staple.
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To overcome shortcomings and shortcomings among Vietnamese fruit and vegetable exporters, the Vietnam Chamber of Commerce and Industry (VCCI) has cooperated with Oxfam in Vietnam on the “Enhancing the export competition of small and medium-sized enterprises in the fruit and vegetable industry” project , from now to December 31, 2023. The EU has agreed to cover 80 per cent of the funding - By Vu Khue VnEconomy
FEATURED NEWS
China that consumes most of Vietnamese dragon fruit and durian has expanded the area of land under fruit cultivation moving towards self-sufficiency in fruit supply, a move that causes a great concern for growers and exporters of these fruits
The Vietnam Cashew Association (VINACAS) has set an export target of US$3.1 billion in 2023, up 0.6 percent compared to 2022. At the 12th Vietnam International Cashew Conference (February 27 - 28), Mr. Pham Van Cong, Chairman of the Vietnam Cashew Association (VINACAS) said that in 2023, although the global agricultural product market is expected to be It is forecasted that there will be a great demand for food and foodstuffs, the expansion of export markets in parallel with focusing on the domestic market will be the basis for Vietnam's agricultural industry to aim for agro-forestry export - seafood $ 54 billion in 2023 (an increase of $ 780 million compared to 2022).
In the first two months of 2023, cephalopod products contributed 8% of Vietnam's total seafood export turnover, with a value of over $89 million. In February, the export of cephalopods increased by 37% over the same period last year, reaching 47 million USD
To overcome shortcomings and shortcomings among Vietnamese fruit and vegetable exporters, the Vietnam Chamber of Commerce and Industry (VCCI) has cooperated with Oxfam in Vietnam on the “Enhancing the export competition of small and medium-sized enterprises in the fruit and vegetable industry” project , from now to December 31, 2023. The EU has agreed to cover 80 per cent of the funding - By Vu Khue VnEconomy
VOV.VN - Vietnamese fruit and vegetable exports during the first quarter of this year brought in US$935 million, marking an increase of nearly 10.6% compared to the same period last year.
