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Vietnams Rice Prices Hit 4-Year Low Amid Global Supply Surge and Intense Competition

13 Jan 2025 1:50 pm
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Mumbai, 13 Jan (Commoditiescontrol): Vietnam's 5% broken rice prices have dropped to $434 per ton, a four-year low, intensifying challenges for farmers and exporters. The price now undercuts competitors like Thailand ($479), India ($440), and Pakistan ($448), reflecting growing market pressures.

Farmers are bracing for potential losses as input costs remain high and traders hesitate to sign new contracts. Unlike last year, when traders actively placed deposits, market activity has slowed, with many pausing operations early for the Lunar New Year.

Exporters are delaying new contracts for early 2025, citing price volatility and fears of overpaying. The sharp decline in Vietnam's export prices is driven by reduced demand from key buyers like the Philippines and Indonesia, who stocked up in 2024 and are now waiting for further price drops. India’s resumption of non-Basmati white rice exports, coupled with competitive pricing, has also disrupted the market.

Global rice supply is projected to hit a record 530 million tons in 2025, driven by higher production from India, Egypt, and other countries, according to the U.S. Department of Agriculture. India alone is expected to export 21–22 million tons, up 5 million from 2024. However, the Philippines' production is forecast to decline, adding pressure to its import requirements.

As Vietnam’s winter-spring crop harvest peaks, prices may face further downward pressure due to intensified competition. Exporters are being urged to adopt flexible strategies, enhance product quality, and explore new markets to maintain competitiveness in a challenging global environment.

(By Commoditiescontrol Bureau; +91-9820130172)


       
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