Export offer price of rice is soft in Vietnam but high in India
07-Jun-2024 05:12 PM
Hyderabad. In Vietnam, a country located in South-East Asia, prices have softened a bit due to increased supply and availability of new paddy-rice, while on the other hand, due to reduced arrivals in India and good interest shown by major importing countries in purchasing,
the export offer price of rice has increased a bit. The export offer price of 5 broken Sela variety rice of India, the world's largest exporting country, was running at $ 535-543 per tonne last week, which improved to $ 539-546 per tonne in the current week.
It is understood that there is a strong demand for Indian Sela in all major importing countries. Most countries are giving preference to buying Indian rice instead of Thailand, Vietnam and Pakistan because its price is running at a lower or competitive level.
On the other hand, the export offer price of 5 percent broken rice of Vietnam fell from $ 580-585 per tonne last week to $ 575-580 per tonne in the current week.
According to trade analysts, the supply and availability of rice is increasing due to the ongoing harvesting and preparation of the second crop of paddy.
The Agriculture Ministry of Vietnam has estimated the production of 430 lakh tonnes of paddy in the country during the current year, which is equal to last year.
According to critics, the ban on the export of non-basmati white rice from India has been imposed since July 2023 and there is little chance of it being lifted by September 2024. This can give Vietnam good success in increasing the export of its white rice.
The export offer price of 5 percent broken rice in Thailand remains stable around $ 630 per tonne, while its demand is stagnant. Although the demand of importers from the Philippines, Brazil and some African countries is being seen in Thai rice, but due to no major deal in recent days,
prices remain stable. Anyway, due to the price of Thailand's rice being at a very high level, importers are reluctant to buy it and want to wait for the supply of the new season.