Vietnamese rice export prices hit global record high

The export prices of Vietnamese rice have recorded the highest level globally, surpassing those of Thailand, Pakistan, and other major exporters, the Vietnam News Agency quoted the Vietnam Food Association (VFA) as reporting on August 22.

The country’s 5% broken rice is currently being traded at $575 per ton, which is $14 and $34 higher per ton than Thailand's and Pakistan’s, respectively.

The price of Vietnam's 25% broken rice has increased to $539 per ton, exceeding those of similar products from the two countries by $27 and $22 per ton, respectively.

The price increase was attributed to a supply - demand imbalance, with supply failing to meet market demand, according to the VFA. Currently, the global demand for rice is surging, while most rice-producing countries have passed their main harvest seasons.

Vietnam exported nearly 5.3 million tons of rice in the first seven months of the year, earning $3.34 billion, up 8.3% in volume and 27.7% in value year-on-year.