The Price of Vietnamese Rice Will Continue to Increase Due to Severe Weather in Other Rice-Producing Countries
Rice
Vietnam
Sustainability & Environmental Impact
Market & Price Trends
Lai Nguyen Thi
Published Feb 7, 2023
Vietnamese rice is in high demand from China, Africa, the Philippines, and Indonesia due to its improved quality and food safety. In early February 2023, rice prices in the world market fluctuated strongly. As a result, the export price of rice from Vietnam on February 5, 2023, climbed by USD 15/ton compared to the end of January. Specifically, 5% broken rice is traded at USD 473/ton, and 25% broken rice at USD 453/ton, which is the highest price for these past years. However, this price is still USD 20/ton lower than Thai rice and USD10/ton lower than Pakistani rice. The price of Vietnamese rice for export in the first month of 2023 increased. The price of Vietnamese rice for export in the first month of 2023 increased due to economic and political uncertainties, the conflict between Russia and Ukraine has not ended, and countries have more demand for food reserves. Experts in agriculture predict that Vietnam's rice exports will increase in the first few months of 2023 due to the severe weather in Asia, a continent that produces about 90% of the world's rice. Climate change and severe drought in the US, Europe, and China, the world's largest rice consumer, are also contributing to a shortage of rice supply.
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