Export volume of the first 8 months in 2024 could reach 6.06 mil ton vs 5.78 mil ton first 8 months in 2023 (4.72% up) vs 8.1mil in 2023 and expect stronger demand this year
Main buyers such as the Philippines (19% up), Indonesia (25% up), Malaysia (11% up), Cuba (225% up), Singapore (114k ton - 20% up).
Harvesting of the S/A crop is going to the end and will be completed by late half of Sep 2024.
This crop production is likely to be 20-25% smaller than expectation.
Local price return bullish trend after supper typhoon Yagi (grade 14-16) and widespread floods hit our Northern Vietnam area. It’s big impact to harvest of S-A crop and also A-W crop in North.
Given the low initial stockpiles, record-breaking exports, and the detrimental impact of the typhoon, it is highly likely that Vietnam's rice stock at the end of this year will be even lower than last year's critically low levels.
Besides, stronger VND currency is one of big factor impact to export price and VND/USD exchange rate has been dropped 4.2% compared with highest rate in Jun/July.
Other news:
- Climate change is amplifying the effects of La Nina, resulting in more intense storms, severe flooding and prolonged extreme weather conditions, warning of increasingly unpredictable natural disasters.
- Weaker USD is strongly impact to export rice.
Hereby is KANEMATSU indication price for your reference:
Reporter:
Nguyen Nam Hai (Mr.) - KANEMATSU VIETNAM
