Rice exports anticipated to maintain high prices in June

VOV.VN - With the current rice export market remaining relatively stable, buying demand is still at a high level with the initial days of June seeing the export rice price continuing to rise by US$10 to US$15 per tonne compared to May.

According to details given by the Ministry of Industry and Trade, Vietnamese 5% broken rice exports, after rising to US$425 per tonne in mid-April, had decreased slightly to US$415 per tonne by the beginning of May, equivalent to the average in March.

Nguyen Van Thanh, director of Phuoc Thanh IV Production and Trading Co. Ltd., said that the rice export market stayed relatively stable in May.

Data compiled by the Vietnam Food Association indicates that during the first five months of the year, rice exports to the Philippines market reached more than 1.2 million tonnes, an increase of more than 300,000 tonnes compared to the same period in 2021. These represent good signs for the rice export market as it grows and continues to flourish.

According to Thanh, Vietnamese ordinary rice coded 504, 5451, and Dai Thom 8 are all enjoying good prices thanks to many countries increasing their purchase volume. In particular, every year the Philippines does not start its rice import quota until the beginning of June, although now they are choosing to begin imports early, causing the rice export market to do a brisk trade since May.

According to Phan Van Co, marketing director of Vrice Co. Ltd., although the market shows many positive signs, export rice prices currently remain high. However, rice exports moving forward face plenty of difficulties. Currently, the African market has switched to buying Indian rice due to its good price, as well as far cheaper shipping costs compared to purchasing from Vietnam.

Rice exports enjoy other positive signals thanks to the high demand in the Chinese and Philippine markets as production has been reduced by floods in China, whilst rice stocks are at a low level in the Philippines, Thanh assessed.

As a means of supporting export businesses, the Ministry of Industry and Trade has continuously organised many export consulting sessions to markets such as ASEAN, Northern Europe, and Kuwait in a bid to help local businesses access timely market information and export opportunities.

Moving forward, Trade Promotion Agency and Vietnamese trade offices abroad will hold 30 export consulting sessions to overseas markets this year.