Rice Export Prices Reach 10-Year High

1. Rice Export Prices Reach 10 Rice Export Prices Reach 10- -Year High Year High The cost of rice for export has significantly increased as a result of both the global decline in the supply of rice and the effects of the El Nino climate pattern. Rice Statistics Rice Statistics According to the most recent data from the General Department of Vietnam Customs, rice exports reached more than 4.2 million metric tons (MMT) and were valued at $2.26 billion in the first half of the current year, an increase of more than 21% in volume and 32% in value over the same period of the previous year. In June, the price of rice for export rose to an average of $650 per ton, up 20.8% from the same time last year and 9.4% from May. The estimated export price of rice for the first half of 2023 will be $539 per ton, the highest price in the previous ten years and an increase of more than 10% from the same period in 2022. Rice exports to China and the Philippines, the two major markets, both experienced double-digit growth in the first five months of the year. Additionally, compared to the same time last year, rice exports to new markets like Indonesia, Chile, Turkey, and Senegal increased by 1,100–16,000%.

2. The average price of rice in India has increased by 8% this year, compared to a 15% increase in New Delhi's retail prices, according to the Indian Ministry of Consumer Affairs, Food, and Public Distribution. Reasons For Price Hike Reasons For Price Hike The Ministry of Agriculture and Rural Development attributes the sudden increase to a decline in supply. El Nino's emergence has also compelled many nations to increase rice purchases in order to stock up. El Nino is expected to return and have a significant impact on the domestic food production in the Philippines, according to the department of agriculture. Indonesians believe that the country may experience widespread drought, which could significantly reduce the agricultural harvest in July and August. According to a recent Bloomberg report, the Indian government has decided to ban the export of all types of rice other than Basmati, in an effort to reduce inflation as a result of rising rice prices. If this ban is put into effect, the Vietnam Food Association and businesses anticipate an increase in rice prices worldwide. Vietnamese rice will not only see price increases in the near future, but exports will also benefit. Parti Particulars culars An organization based in Can Tho in the Mekong Delta of Vietnam claimed that export orders were plentiful and that fragrant rice prices were rising the fastest. This business does not even have enough inventory to fill the orders. According to predictions, the second half of the year will see a peak in the value of the rice export market. The agriculture ministry has instructed important rice production areas, particularly the Mekong Delta, to actively cultivate and prioritize short-duration rice varieties as well as high-quality and fragrant rice varieties suitable for market demand in order to ensure domestic and export demand. 156 nations and territories, including several premium rice markets, have imported Vietnamese rice. If you are a rice importer wishing to buy rice in bulk or a rice exporter willing to Export Bulk Rice, then Tradologie.com is the right platform for you. Tradologie is a Software as a Service platform that facilitates bulk agro-trade across the globe. Through Tradologie’s interface, buyers can avail the best qualities of agro-commodities at negotiable rates. The transaction-oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.