Rice export price hits new record high
Vietnam’s rice export price reached its latest peak on January 3 at US$505 per tonne, representing a record high over the previous nine years, according to rice traders.
The price of Vietnamese 5% broken rice in the global market increased by approximately US$7 to a high of US$505 per tonne.
The latest rise can be attributed to a limited supply and an increasing demand for rice reserves in many countries, especially the Philippines, largely due to complicated developments of the COVID-19 pandemic globally.
Nguyen Trung Kien, vice chairman of the Vietnam Food Association, anticipates that Vietnam will continue to enjoy robust growth in rice exports in the first quarter of 2021 after its major rice importers such as the Philippines and Africa have agreed to sign additional import contracts.
Furthermore, several markets also have a high demand for fragrant rice and sticky rice, which are advantageous commodities of local businesses.
This is not to mention bright export prospects for rice exports local businesses will enjoy following Vietnam’s recent signing of free trade agreements (FTAs). For instance, countries that make up the Eurasian Economic Union (EAEU) have pledged to provide a tariff quota of 10,000 tonnes of rice for Vietnam this year through the Vietnam-EAEU FTA.
Moreover, the recent signing of the UK-Vietnam Free Trade Agreement (UKVFTA) looks set to allow Vietnamese rice exports to the UK market to enjoy a tax reduction of 0% without quota limits.
According to the Ministry of Agriculture and Rural Development, Vietnam exported 5.74 million tonnes of rice worth US$2.85 billion during January - November 2020, representing a decrease of 2.2% in volume and an increase of 10.4% in value compared to the same period of 2019.
Có thể bạn quan tâm
Hai Duong seeks to promote agricultural product processing, sale A conference was held in the northern province of Hai Duong on October 26 to seek ways to help promote its farm produce processing and consumption.
Implementation of CPTPP and EVFTA: Vietnamese agricultural products overcome technical Implementation of CPTPP and EVFTA: Vietnamese agricultural products overcome technical barriers to dominate global market
Dak Lak needs clear direction for organic agriculture: official The Central Highlands province of Dak Lak has many advantages and potential to develop organic agriculture, but the province still lacks clear development
Tea export price enjoys drastic rise in Chinese market The average export price of tea in the Chinese market during the first nine months of the year has increased sharply by 66.2 per cent to over US$3,384 per kilo
Biotechnology - how it can help farmers Farmers will not be able to feed the world’s growing population unless they are allowed to use biotechnology.