Asia rice exports to the United States and the EU have skyrocketed.
Despite being favored by the US and European markets, Vietnamese rice still faces many challenges when rivals Thailand and India are selling rice cheaply due to the sharp decline in the country’s currency.
Thailand’s 5% plate standard rice stands at $420-425 a tonne, down $25 from the previous month.
In India, 5% slab rice is at $355-360 a tonne, down $2 from the beginning of the month.
The rupee hit a record low, boosting exporters’ profits from overseas sales. Especially Indian sheet rice, exports are very good due to the more competitive price than the competition.
India’s surprise ban on wheat exports last month prompted rice traders to ramp up purchases and order unusual orders for longer deliveries, citing fears of restrictions.