May 26, 2025 | 13:01 GMT +7
May 26, 2025 | 13:01 GMT +7
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Update on rice prices on 10/23/2024
Rice prices on October 23 show a slight increase across both paddy and rice products.
Paddy prices increased by 100 VND today (October 23). Specifically:
Meanwhile, rice prices today (October 23) increased slightly by VND 50.
On the export market, the price of 100% broken rice is $ 439/ton; standard 5% broken rice is being purchased at $ 534/ton. Meanwhile, the price of 25% broken rice is around $ 506/ton.
Thus, rice prices on 10/23/2024, have increased slightly by VND 50-100 compared to yesterday.
The Ministry of Agriculture of Bangladesh has reported that this year's floods have caused significant damage to rice production. To address this issue, the Bangladeshi government is quickly importing 500,000 tons of rice and plans to soon allow the private sector to import, according to a Ministry of Food official.
Since taking power in August 2024 after a series of large protests forced former Prime Minister Sheikh Hasina to flee to India, the interim government of Bangladesh has struggled to stabilize food prices, which have already risen nearly 20% in recent months.
Bangladesh's increase in import volumes could be good news for its neighbour India, the world's leading rice exporter, which last month reduced the export tax on broken rice to 10% to boost exports.
The floods have also severely affected other agricultural products, including more than 200,000 tons of vegetables. The total agricultural damage nationwide due to the flooding is estimated at around 45 billion taka ($ 380 million).
This year's floods have highlighted Bangladesh's vulnerability to climate change. An analysis by the World Bank in 2015 estimated that 3.5 million people in Bangladesh are at risk of being affected by floods each year, a risk that scientists believe is becoming increasingly severe due to global climate change.
$ 1 = VND 25.190 - Source: Vietcombank.
Translated by Hoang Duy
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