Rice export prices continue to drop
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Average rice export prices fell for a second straight month to US$415-420 a ton, resulting in a marginal year-on-year decline in revenues for Vietnam despite higher volumes.
The country exported 2.86 million tons for $1.39 billion in the year to date, up 10.3 percent in volume but down 1 percent in value, according to data from the Ministry of Agriculture and Rural Development.
Global prices have been falling due to abundant supply, with Thai 5 percent broken rice becoming $5 per ton cheaper at $445.
The Philippines remained Vietnam’s top market, importing 915,000 tons for $422.2 million, up 28.3 percent and 11 percent.
But domestic prices rose slightly in early June as there was a drop in supply between the winter-spring and summer-autumn crops.
Questions & Answers
Q.What is the primary reason for the fall in global rice prices?
What is the primary reason for the fall in global rice prices?
Global rice prices have been falling mainly due to an abundant supply. This trend has seen specific varieties, like Thai 5 percent broken rice, become cheaper in the market.
Q.How much rice has Vietnam exported so far this year and what is its value?
How much rice has Vietnam exported so far this year and what is its value?
Vietnam has exported 2.86 million tons of rice in the year to date. This volume generated revenues of $1.39 billion for the country's exporters.
Q.Which country is Vietnam's biggest export market for rice?
Which country is Vietnam's biggest export market for rice?
The Philippines is Vietnam's top market for rice exports. It imported 915,000 tons, valued at $422.2 million, showing significant increases in both volume and value compared to last year.
Q.Why did domestic rice prices in Vietnam increase slightly in early June?
Why did domestic rice prices in Vietnam increase slightly in early June?
Domestic rice prices saw a slight increase in early June because there was a temporary drop in supply. This shortage occurred between the winter-spring and summer-autumn crop seasons.
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