The Ministry of Agriculture and Rural Development (MARD) said that in the first 10 months of 2022, the total volume and value of rice exports reached 6.07 million tonnes and 2.94 billion USD, up 17.2% in volume and 7.4% in value respectively compared to the same period in 2021.
In the domestic market, the price of rice in Mekong Delta provinces increased sharply in the last days of October 2022 in the context of vibrant demand and scarce supply. The rice market in the fall-winter crop is quite stable. Specifically, in An Giang, the price of rice IR50404 increased by 500 VND /kg, from 5,300 VND /kg to 5,800 VND /kg; OM 5451 high-quality rice increased by 500 VND /kg, from 5,400 VND /kg to 5,900 VND /kg.
The volume of Vietnamese rice exported in October 2022 is estimated at 700,000 tonnes. (Photo: Internet)
In Kien Giang, the rice price has not changed in the past 3 months, with rice IR50404 at 6,200-6,400 VND/kg, OM 5451 at 6,600-6,700 VND /kg, Dai thom 8 at 6,800-6,900 VND /kg. In Vinh Long and Bac Lieu, the harvest of the summer crop has finished. The price of new fall-winter crop rice in Vinh Long is currently at 5,700 VND/kg.
According to the analysis of the Institute of Agricultural Policy and Strategy for Rural Development (MARD), in October 2022, the export price of Thai rice fell to the lowest level in nearly 3 months due to the weak Baht and reduced demand. Meanwhile, prices in Vietnam and India are stable near the highest level for months due to supply concerns.
Specifically, in Thailand, the standard price of 5% broken rice decreased by 28 USD/tonne, from 435 USD/tonne to 407 USD/tonne, the lowest level since the end of July 2022. Traders say that rice prices fall due to falling demand in both domestic and export markets in the context of no disruption of supply due to flooding. Thailand’s Baht has been traded near its lowest level since 2006 against the USD due to concerns about global growth and recession. In India, 5% broken rice prices slightly fell by 2 USD/tonne in October 2022, from 376-384 USD/tonne to 374-382 USD/tonne. The rice price decreased because of the decrease in demand and the quality of rice was affected by heavy rain.
Regarding export data, the volume of Vietnamese rice exported in October 2022 is estimated at 700,000 tonnes with a value of 334 million USD, bringing the total volume and value of rice exports in October 2022 to 6.07 million tonnes and 2.94 billion USD, up 17.2% in volume and 7.4% in value compared to the same period in 2021.
The average export price of rice in 10 months of 2022 is estimated at 484 USD/tonne, down 8.3% compared to the same period in 2021. In the 9 months of 2022, the Philippines was Vietnam’s largest rice consumer with a 43.9% market share. Rice exports to this market reached 2.47 million tonnes and 1.14 billion USD, up 35.3% in volume and 22.2% in value compared to the same period in 2021.
The market with the strongest increase in the value of rice exports was Côte d ‘Ivoire (up 71.2%). In contrast, the market with the strongest decline in the value of rice exports was Gana (down 32.8%).
During the regular press conference in September 2022, Mr. Phung Duc Tien, Deputy Minister of MARD, said that if there is no extraordinary weather and pandemic, Vietnam has enough 6.5-6.7 million tonnes of rice to export and it is expected that this year’s export turnover will reach about 3.2-3.3 billion USD. Leaders of MARD said that in the coming time, the rice sector needs many solutions to improve production, quality, and branding.