Vietnamese Rice Export Prices to Remain High
Export prices of Vietnamese will continue standing at high level in the coming times due to thin supplies on the world market, according to the Trade and Business Information Centre (TBIC) under the Ministry of Industry and Trade.
The Vietnam News Agency cited analysts as saying that although Cambodia has decided not to ban rice exports, its total volume of rice export will be only 400,000 tons this year that is not large enough to affect the rice export prices in Asia market.
The analysts predicted that rice supplies will be tightened as rice export volume from five rice biggest exporters will decrease by 10 per cent this year, to only 22.7 million tons, the lowest level since 2003.
Meanwhile, demand for rice on the world market is still high. Malaysia has announced it is seeking to buy Vietnamese rice for reserves.
Growing prices of agricultural materials like fertilizer and fuel are also attributed to the high prices of rice, the analysts added.
The center predicted the export prices of 5 per cent of broken rice from both Vietnam and Thailand will stay at around US$900 per ton in the near future.
Vietnam has exported over 1.82 million tons of rice so far this year, raking in nearly US$850 million.
At domestic market, 5 per cent of broken rice is selling for from VND9,500 to VND9,700 per kilo. (VNA, News)
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