Vietnam’s rice prices fell sharply in January as the country prepared for its upcoming harvest and the Philippines imposed a price ceiling on imported rice.
According to the UN Food and Agriculture Organization (FAO), the all-rice price index dropped 4.7% month-on-month and 20.4% year-on-year.
The Indica price index saw the sharpest decline, falling 5.4% to a 25-month low. The FAO attributed this drop to Vietnam’s price slump, with five percent broken rice averaging $416 per metric ton—over a third lower than last year’s price.
In response, Philippine traders have canceled contracts with Vietnamese exporters to secure lower prices.
The Department of Agriculture has adjusted the maximum suggested retail price (MSRP) for imported premium rice, lowering it from P58 to P55 per kilo, with further reductions expected in the coming weeks.
Source: PhilNews24 | February 10, 2025
