Viet Nam's rice export price stands at lowest level over past two months

Tuesday, Jun 23, 2020 10:04

Viet Nam's rice export volume surged by 12 per cent to 3.09 million tonnes in the first five months of this year. — Photo

Higher rice supplies in the domestic market has made the export price of Viet Nam's broken rice drop to US$450 per tonne on June 19, the lowest level in the past two months.

Vietnam News Agency reported that domestic supply is increasing due to harvesting the summer-autumn rice crop. Viet Nam can export 2.3-2.5 million tonnes of rice from this rice crop after ensuring sufficient domestic consumption.

The export price on June 4 hit the highest level of $475 per tonne, as rainfall affected the harvest.

Meanwhile, India's export rice prices last week also dropped to the lowest level in two months due to weakness of the rupee and lower rice demand. The prices of five per cent broken parboiled rice in India fell to $366-372 per tonne on June 18, the lowest level since March 26.

Prices of Thai five per cent broken rice also plunged to $505-525 per tonne on June 18 from $505-533 per tonne the previous week.

Rice exports

According to the General Department of Customs, Viet Nam in the first five months of this year gained growth in volume and value of rice exports compared to the same period last year.

Specifically, rice exports surged by 12 per cent in volume to 3.09 million tonnes and by 26.6 per cent in value to $1.5 billion. While the average export price rose by 13 per cent to $485.1 per tonne.

In May, the nation shipped 953,950 tonnes of rice, earning $492.54 million while the average export price reached at $516.3 per tonne.

They were up 87 per cent in volume, 93.6 per cent in value and 3.6 per cent in price compared to April. They also increased by 40.6 per cent, 67.6 per cent and 19.2 per cent, respectively compared to May 2019.

During the first five months, Viet Nam exported the most rice to the Philippines with a total volume of 1.3 million tonnes, earning $598.6 million. Exports rose by 22.4 per cent in volume and 41.4 per cent in value year on year.

Rice exports to the Philippines accounted for about 41 per cent of the national rice export volume and about 40 per cent of the national rice export value.

China was the second largest market with an export volume of 429,261 tonnes and a, export value of $257.4 million, accounting for about 14 per cent of the total volume and 17.2 per cent of total value. The exports increased by 92.4 per cent in volume and 131.2 per cent in value over the same period of last year.

Viet Nam also gained strong growth to many markets, including Senegal (18.3 times), Indonesia (192 per cent) and France (171.6 per cent).

However, it saw sharp reductions to other markets, such as Brunei (92 per cent), Algeria (89 per cent), Angola (89 per cent), Turkey (83 per cent) and the US (69.2 per cent). — VNS

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