Vietnamese export rice price has set a new record, reaching $513 per tonne in the last week of July 2023. This is up from the previous record of $493 per tonne, set in June 2023. The surge in rice prices is being attributed to a number of factors, including increased demand from global markets, a decline in production in other countries, and the recent export restrictions imposed by India.
The increase in demand for Vietnamese rice is being driven by a number of factors. First, global food prices are rising, as a result of factors such as the war in Ukraine and the ongoing COVID-19 pandemic. This has led to increased demand for affordable food sources, such as rice. Second, the production of rice in other countries has declined in recent years. This is due to a number of factors, including climate change, pests, and diseases. As a result, Vietnam is increasingly seen as a reliable source of rice for global markets.
The recent export restrictions imposed by India have also contributed to the surge in rice prices. India is the world's second-largest rice exporter, and its decision to restrict exports has led to a shortage of rice on the global market. This has caused prices to rise, as buyers compete for the limited supply of rice.
The surge in Vietnamese export rice price is a positive development for the country's economy. It is expected to boost the country's export earnings and generate jobs in the agricultural sector. However, it is important to note that the high price of rice could also have a negative impact on consumers, as it could lead to higher food prices.
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- Indian export restrictions
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- economic impact