News

Vietnam: British businesses go to the field to buy rice but can't find it

Rice
Vietnam
United Kingdom
Published Jun 28, 2022

Tridge summary

Mr. Jason Bull, a director of Eurostar Commodities Company, which specializes in importing rice and flour for restaurant and supermarket chains, said: “Food supply and prices are facing the biggest challenge in nearly 30 years. five. “Suppliers often break contracts and say prices just went up… if you want, you'll have to pay more. This has been the most difficult, most turbulent period for our business.

Original content

Rice, along with pasta and bread, is one of the foods that increase in price at a much faster rate than general inflation. The cheapest rice has also increased in price by more than 15% compared to a year ago. According to Bull, Eurostar Commodities often buy short-grain rice, which is used to make sushi sold in supermarkets. The supply of this product comes from Italy, the largest producer in Europe. However, the price per ton is now at a "crazy" level from $1,000/ton to $2,000/ton last month. Previously, the contract was for 12 months, now it is only 2 months. This is an anomaly of the market over the past 50 years or so. Meanwhile, Vietnamese rice is sold in the UK at a very cheap price. Bull came to Vietnam in June to find an alternative supply. The businessman toured several fields and factories from UK approved suppliers. He had to return home disappointed and told The Guardian: “There will be less rice in Europe and that will increase demand for supplies in the Far East ...
Source: Vietstock
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