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Vietnam passes Thailand as world’s top rice price

Neill Fronde

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PHOTO: "Rice is great if you're really hungry and want to eat two thousand of something." - Mitch Hedberg

In undoubtedly only the second most important “r_ce war”, Vietnam has overtaken Thailand to become the highest-priced exporting rice in the world. First quarter prices were up nearly 19% over last year, reaching US $547 per tonne, with prices in March half a per cent higher than February’s rate. This run on pricing pushes Vietnamese rice past both Thailand and India, their main competition. Thailand can take some consolations though, as Thai Jasmine rice was recently named the most delicious rice in the world.

It isn’t all good news though, as the Department of Agricultural Processing and Market Development (Ministry of Agriculture and Rural Development) reported that Vietnam’s exports are down 30% in volume to 1.1 million tonnes exported between January and March of 2021. With the increased price though, the export earned US $606 million, a drop of only 17% in value over comparable 2020 figures.

Last year Vietnamese rice pushed past Thailand to become the world’s second-biggest rice exporter, moving less rice than only India, the top exporter in the world. In 2020, Vietnam exported 6.15 million tonnes of rice at a price of US $3.07 billion. The Vietnam Food Association expects an increase throughout 2021 as businesses have finished preparing rice for export and have an abundant supply. The Department of Agricultural Processing and Market Development further explains that strong demand from foreign buyers for the new winter-spring rice contributed to the rising prices.

While India remains the top exporter, their prices are significantly lower, with India’s 5% broken rice achieving a strong price growth last month, but still peaking at only US $401 per tonne. On the other hand, earlier in the year, Thailand had clung close to Vietnam’s numbers like, well, white on rice. At the beginning of March, Thai rice peaked at US $538 per tonne, just US $9 from the top spot. But prices slumped by the end of the month to US $509.

SOURCE: Vietnam Net

 

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7 Comments

7 Comments

  1. Avatar

    Slugger

    Thursday, April 15, 2021 at 3:31 pm

    ‘Thailand had clung close to Vietnam’s numbers like, well, white on rice.’

    What? I never heard the like before.

  2. Avatar

    toby andrews

    Thursday, April 15, 2021 at 4:35 pm

    I suppose all the extra labour Thailand has picked up from the closed tourist industry has reduce the price of rice.
    I quite like the sticky Thai rice from the North East, however basmati is my favourite rice.

  3. Avatar

    Ricky

    Thursday, April 15, 2021 at 6:09 pm

    I like jasmine!

  4. Avatar

    James R

    Thursday, April 15, 2021 at 11:27 pm

    A few years ago there was a government backed guarantee to buy rice at a high fixed price in Thailand, so of course farmers grew a poorer quality of rice as they got the same price but for less initial cost, so of course eventually this would catch up to them and it looks like it has now.

    Vietnam’s rice is now superiors so more countries want to buy it.

  5. Avatar

    Simon Small

    Friday, April 16, 2021 at 12:52 pm

    “A few years ago there was a government backed guarantee to buy rice at a high fixed price in Thailand, so of course farmers grew a poorer quality of rice as they got the same price but for less initial cost”,

    No they didn’t! The price depended on the type and quality of rice, so if it was “poorer quality” they got a lower price (even if it was artificially high).

    Vietnam’s gone for more expensive / higher quality rice for export, but they’re producing 30% less than before so overall they’re making 17% less from rice exports than before – it’s in the article!

  6. Avatar

    Rick

    Friday, April 16, 2021 at 3:48 pm

    NO PRICE INFLATION,,, CENTRAL BANKS TELL
    US,,,, YET WE SEE THIS COMMENTARY EVERYWHERE,,,, EITHER CENTRAL BANKS ARE LYING OR WE ARE MISTAKEN

  7. Avatar

    James R

    Friday, April 16, 2021 at 10:56 pm

    Issan John aka Simon Small

    The inferior rice at an inflated subsidised price is not good for anyone in the long run, now Vietnams rice is seen to be superior as can be seen by its higher price.

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Neill is a journalist from the United States with 10 years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

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