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.
Buyers in Vietnam, China and Indonesia switch to the foodgrain, but its rates rising sharply
March 3 (Reuters) - Prices of rice exported from Vietnam rose this week, as trade routes to China reopened with some traders betting on additional demand from buyers looking for alternate sources due to the Ukraine crisis.
Vietnam's 5% broken rice were offered at $400 per tonne on Thursday, versus $395-$400 a week ago.
"Shipments to China are expected to increase as China is reopening borders with Vietnam after coronavirus curbs," a trader in Ho Chi Minh City said.
"The ongoing Ukrainian war might prompt buyers to import more rice from Asia, including Vietnam," the trader added.
A Bangkok-based trader said the situation in Ukraine "might have increased freight rates slightly."
Prices of Thailand's 5% broken rice widened slightly to $403-$400 per tonne from $400 last week, also taking cues from currency fluctuations with the baht valued at 32.60 against the U.S. dollar on Thursday.
But another trader said the crisis has not impacted Thai rice exports because neither Russia nor Ukraine were among its main trading partners.
Ukraine's military recently suspended commercial shipping at its ports, threatening grain and oilseed exports.
Demand for rice from top exporter India improved, but prices of its 5% broken parboiled variety were unchanged at $370-$376 per tonne as the rupee weakened, translating into higher margins for traders from overseas sales.
"Demand for broken rice has improved as prices of corn are rising. Some buyers are looking for alternatives to corn," said an exporter based at Kakinada, Andhra Pradesh.
Indian farmers may harvest a record 127.93 million tonnes versus 124.37 million tonnes the year before.
Meanwhile, domestic rice prices stayed high in Bangladesh, despite good reserves, officials said.
Freight rates have increased slightly due to the Ukraine crisis, prompting higher import costs for grains, a trader said.
Loc Troi Group, a leading provider of agricultural services and products in Vietnam, shipped more than 4,500 tonnes of rice worth over 3 million USD to markets in Europe, Americas and Asia in early 2022.
Welcome to Rice News Today!
The access to our website is free and will remain free always for most of the contents.
However, you need to create a new account to access the website. It will not take much of your time to create a new account and you will have an access to your favorite website to browse rice news, quick stats, latest stats on basmati, downloads and a lot more at one-place!
Thanks & have nice rice news today exploring!