Rice prices in Vietnam's Mekong Delta region last week reached a record high in the last 10 years after India banned the export of non-basmati white rice.
The price of Vietnam's 5% broken rice increased to 550-575 USD per tonne on July 27, the highest since 2011. In the week earlier, it was just 515-525 USD per tonne.
Vietnam’s average rice export price for the first six months of 2023 reached 539 USD per tonne, a 10.2% increase over the same period in the previous year, according to the General Department of Vietnam Customs.
A trader in Ho Chi Minh City said that exporters expect prices of the grain to rise further after India's move to restrict rice exports.
Meanwhile, Thailand’s 5% broken rice prices also increased to 605-610 USD per tonne on July 27, the highest in the last 11 years.
On July 20, India issued a ban on rice export, aiming to ensure adequate domestic availability at reasonable prices. The ban pushed its rice prices to 445-450 USD per tonne - a record high in the last five years and a half.
According to the Vietnam Food Association, rice prices in the domestic market have also increased sharply.
For example, the price of 5% broken rice is 12,500 VND (0.53 USD) per kg, the average price is 12,304 VND per kg, an increase of 754 VND per kg.
