In the domestic market, domestic rice prices are much higher than export prices. Therefore, they believe that export rice prices may soon increase again in the near future. Previously, many businesses in An Giang and Can Tho also negotiated with import partners in this country to propose a price of 680-700 USD per ton but did not receive agreement.īusinesses said rice exports to the Philippines will temporarily slow down, but demand for rice from China, Indonesia, Malaysia and Africa remains high. "Philippine partners said that if the rice price contracts are over 660 USD per ton, they will cancel, and if the rice price is below this price, delivery will be delayed," he said. Meanwhile, the Philippines imposes a ceiling price of about 900-738 USD per ton, lower than the import price. Currently, the price to buy rice at Vietnam's warehouse is about 40-640 USD per ton, if you add transportation costs, the price goes up to 670 USD per ton. Because these importers said that the more they sell, the more they will lose. Similarly, the director of a large rice export enterprise in An Giang said that since the beginning of September (one day after the Philippines' price ceiling order appeared), 9% of importers in this country have asked to cancel contracts. ![]() , others relax their contracts while waiting for a new decision from this country. (ORICO) - a rice exporter in the top 10 - said that after the above information, the business was asked to cancel shipments by some import partners from the Philippines. Nguyen Viet Anh, General Director of Orient Food Co., Ltd. The reason for imposing this order is due to the rapid increase in domestic retail prices in the Philippines and speculation. good, equivalent to 0,79-720 USD per ton. ![]() set a rice price ceiling at 8 pesos (41 USD) per kilogram for regular milled rice and 0,72 pesos (45 USD) per kilogram for milled rice. On August 31, Philippine President Ferdinand Marcos Jr. In the first 7 months of this year, Vietnam exported nearly 1,94 million tons of rice to this country, accounting for nearly 40% of Vietnam's total rice exports. The decline in export rice prices is said to be affected by the ceiling order of the Philippines - Vietnam's largest rice consumer. On the world market, Thailand's 5% rice also decreased by 15 USD to 618 USD per ton, and 25% broken rice decreased by 12 USD to 563 USD per ton compared to September 5. These are the two strongest consecutive declines since India banned rice exports. Accordingly, Vietnam's 9% broken rice is currently down 5 USD per ton compared to the September 15 session at 5 USD 9% broken rice also decreased by 628 USD to 25 USD per ton. In the first eight months of the year, Vietnam exported nearly 5.9 million tonnes of rice, earning $3.2 billion, up 37 percent year-on-year, according to Vietnam's general statistics office.Vietnam's export rice price decreased by 15 USD in the past two days due to Philippine businesses canceling and delaying import schedules following the order to limit rice prices by this country's officials.ĭata from the Vietnam Food Association (VFA) shows that from September 6-7, export rice prices continuously decreased sharply. Global prices soared to their highest levels in nearly 15 years last month. In July, India, the world's biggest rice exporter, banned some overseas rice sales to calm rising prices at home. But the Philippines cannot produce enough for itself and has been one of the world's top importers of the grain. Rice is a basic staple in the country of 110 million people. Marcos said the agreement "would stabilise the rice supply and pricing in the Philippines amid the current volatility", the statement added. The agreement would be for five years and would see Vietnam export rice to the Philippines, according to a statement from the Philippine presidential palace. "The two sides agreed to soon discuss and sign an inter-governmental agreement on rice trade cooperation to together ensure objectives on food security amidst complicated developments in the recent global food supply chain," a statement on Vietnam's official government website said Thursday. ![]() The announcement came after a meeting between Vietnamese Prime Minister Pham Minh Chinh and Philippine President Ferdinand Marcos Jr on the sidelines of an Association of Southeast Asian Nations (ASEAN) summit in Indonesia this week. ![]() Vietnam and the Philippines agreed to sign an agreement on rice imports to guarantee food security, Hanoi said Thursday, after prices of the world staple soared to decade highs last month.
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