The average wholesale price of northern fragrant rice in Hung Yen and Nam Dinh increased by 60% and 22.4% respectively over the same period last year. The rice market is expected to continue to be vibrant as the world has a shortage of 7 million tons of rice.
The latest report from the Ministry of Agriculture and Rural Development, as of the end of April this year, our country has exported 3.23 million tons of rice, with a turnover of 2.08 billion USD. Compared to the same period last year, rice exports increased 11.7% in volume and increased sharply by 36.5% in value.

In April 2024, the average export price of rice reached 623 USD/ton, down 1.3% compared to March but still up 19.2% over the same period in 2023. Overall, in the first 4 months of this year, export prices The average rice export remained high, at 644 USD/ton, up 22.2% over the same period last year.

Data from the Vietnam Food Association shows that, after a period of decline, rice prices are showing signs of recovery. On May 1, our country's export price of 5% broken rice was anchored at 580 USD/ton, equivalent to the price of Thai rice of the same type and 10 USD/ton higher than Pakistani products.

In the domestic market, rice prices in April continued to fluctuate, depending on the type.

Specifically, the purchasing price of wet rice IR50404 in An Giang reached 7,450 VND/kg, down 90 VND/kg compared to last month but increased 1,305 VND/kg (21.2%) over the same period last year. Meanwhile, the price of OM5451 rice in An Giang and Kien Giang increased to 7,489 VND/kg and 7,400 VND/kg, up 18% and 16.8% respectively compared to the same period in 2023.

In Hung Yen and Nam Dinh, the average wholesale prices of northern fragrant rice are 21,667 VND/kg and 18,357 VND/kg, respectively, up 60% and 22.4% over the same period in 2023.

The Ministry of Agriculture and Rural Development forecasts that the world rice market will continue to be vibrant. That's because the weather is not favorable and the supply is not abundant while many countries tend to increase imports for reserve purposes. In addition, some countries continue to ban and restrict exports, along with many conflict hotspots in the world.

For Vietnam, rice output is expected to reach 43 million tons in 2024, ensuring domestic consumption and export demand of more than 8 million tons of rice.

According to the World Bank's "Global Commodity Outlook" report, global rice prices are unlikely to decrease before 2025. According to predictions by BMI - a research unit of Fitch Solutions - concerns about the source The supply could ease by 2025. When the El Nino weather phenomenon increases temperatures and reduces rainfall - shifting to La Nina, with higher than normal rainfall.

Mr. Nguyen Anh Son, Director of the Import-Export Department (Ministry of Industry and Trade), said that global rice production in the 2023-2024 crop year will reach nearly 518 million tons. Total consumption is 525 million tons, so it is forecast that this year the world will have a shortage of about 7 million tons of rice.

At a recent rice industry conference, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam admitted two long-standing problems in the rice chain: producers do not know where to sell, and businesses really want to buy rice but have not yet determined. When the contract is signed, as well as where to source raw materials, purchasing through intermediaries increases costs.

"We have sent information to the Ministry of Industry and Trade and localities about rice output in each season. However, there is still no strict information. When businesses sign contracts, they do not know what the output is," Ministry pointed out.

According to him, before each crop season, relevant agencies of the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade along with associations need to agree on implementation contents. Then, notify businesses to participate, creating a close connection between production and product consumption. At the same time, avoid supply chain disruptions like last year when rice prices increased sharply.

Souce: https://vietnamnet.vn/gia-gao-thom-tang-60-the-gioi-thieu-hut-7-trieu-tan-2276446.html