By Thi Ha .

The export price of Vietnam’s 5% broken rice price fell by 5.9% from the end of 2024 to US$399 per ton last Friday, the lowest in nine years.

It was $32 and $14 per ton lower than similar products sold by Thailand and India, two other top rice exporters, according to the Vietnam Food Association.

Businesses said it represented a 40% drop from the $663 peak seen in November 2023.

Meanwhile, the price of 25% broken rice dropped to $371 per ton. Thai, Indian and Pakistani exports cost $410, $394 and $377.

Dinh Ngoc Tam, deputy CEO of rice exporter Co May, said prices are down due to an increase in global supply caused by India’s return to the market with record rice reserves.

“My company had few orders last month and none in February.”

Businesses expect prices to fall further as Vietnam’s winter-spring rice harvest, the year’s main one, will soon begin with a bumper crop expected thanks to good weather.

According to the Ministry of Agriculture and Rural Development, Vietnam exported 500,000 tons of the grain worth $308 million last month, up 1% in volume but a 10.4% decline in value compared to the same period last year.

The food association forecast exports of 7.5 million tons this year, down from the record nine million tons in 2024.

The U.S. Department of Agriculture expects global rice supply in 2024-25 to rise to a peak of 527.6 million tons, primarily due to increased production in India and China.

It expects consumption of 526.4 million tons and exports of 56.3 million tons.

Published Date: February 10, 2025