Indonesia invites record number of rice bids, Vietnamese rice has more opportunities
Báo Thanh niên•24/08/2024
According to the invitation to tender from Indonesia, the amount of imported rice that this country wants to have in August is up to 350,000 tons. This is a record high number that this country wants to import in 1 month.
Vietnamese rice prices return to peak
In an August rice tender notice, Indonesia’s National Logistics Agency (Bulog) said up to 350,000 tonnes of 5% broken white rice would be produced in 2024. The invitation was sent to rice suppliers including Vietnam, Thailand, Cambodia, Myanmar and Pakistan.
Indonesia increases rice imports in August
Cong Han
Compared to the first months of the year, in July, Bulog increased the bidding volume by 20,000 tons to 320,000 tons. However, the bidding results were not as expected, so this time Bulog had to increase the purchase volume to a record number. In the July bidding, Vietnamese enterprises won the most bids with 7/12 lots, a total of 185,000 tons with a winning bid price of 563 USD/ton. The remaining 4 lots were rice originating from Myanmar. Thai enterprises were not interested in this market as few enterprises participated and the bidding price was up to 584.52 USD/ton, while Pakistani enterprises bid up to 592 USD/ton. The Indonesian government expects to have to import up to 4.3 million tons of rice to ensure national food security. However, after the first 5 months of the year with favorable imports of 300,000 tons per month, in June it was impossible to open bidding because the country's seaports were congested with goods, and in July it was not able to import the desired output because of low prices. According to the Vietnam Food Association (VFA), the export price of 5% broken rice from Vietnam is the highest in the world at 578 USD/ton, while Thailand is second at 566 USD/ton and Pakistan is third at 539 USD/ton. Many businesses said that the current supply of Vietnamese rice is very limited because the summer-autumn crop is about to end and the autumn-winter crop is about to begin. From now until the end of the year, there will not be much rice left, so the price of rice will remain high because in addition to Indonesia, the Philippines and many other markets also have a need to import a very large amount of rice. In just 7 months of 2024, Vietnam exported over 5 million tons of rice with a turnover of 3.3 billion USD - these are all record numbers for the Vietnamese rice industry compared to the same period in previous years.
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