Rice export prices from Vietnam fell to their lowest level in over a year due to concerns regarding Indonesia’s potential no rice imports in 2025. Specifically, Vietnam’s 5 percent broken rice prices decreased to $515-$520 per metric tonne, lowest since July 2023, also down from $520-$525 the previous week.

Vietnam’s rice exports are projected to reach a record 8.9 million tonne in 2024, despite reduced domestic production.

In the first 10 months of 2024, exports totalled nearly 7.8 million tonne, a 10.2% increase year-on-year, with an average price exceeding $626 per tonne, up 12%, according to the Ministry of Agriculture and Rural Development.

The Philippines remains Vietnam’s largest export market, accounting for over 45% of total exports. By October 2024, the Philippines had imported 2.91 million tonne from Vietnam, comprising 79% of its total rice imports. The Vietnam Trade Office expects Philippine imports to surpass 4 million tonne by year-end, driven by rising domestic demand and natural disaster impacts.

Indonesia is major buyer of Vietnamese rice, being the second-largest market after the Philippines. So far this year, Indonesia imported 1.1 million tonne of Vietnamese rice, making up 14.2 percent of total exports. However, another trader expressed confidence that Indonesia would continue its rice imports next year, comparing it to the Philippines, which initially planned to cut imports but ended up increasing them.

In contrast, India’s rice export prices remained steady, with 5 percent broken parboiled rice priced at $440-$447 per tonne, lowest since Jult 2023.  Indian 5% broken white rice was also quoted at $440-$450 per tonne. Indian rice supplies are expected to rise as new crops become available, contributing to record-high inventories.

Thailand’s rice prices remained stable at $490-$495 per tonne, with demand primarily coming from Indonesia and the Philippines. Additionally, Bangladesh has authorized private traders to import 600,000 tonne of rice to manage its supply. (Source-Reuters & Brecorder)

 

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