Prices of Imported Rice from Thailand and Vietnam Soared in the First Half of 2023

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Adi Ahdiat 10/07/2023 12:40 WIB

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Vietnam and Thailand are major rice exporting countries for Indonesia. However, in the first half of 2023, rice prices from these two countries surged.

Average Monthly Prices of Thai and Vietnamese Rice (January 2013-June 2023)*

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Prices of Imported Rice from Thailand and Vietnam Soared in the First Half of 2023

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Average Monthly Prices of Thai and Vietnamese Rice (January 2013-June 2023)*

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Thailand and Vietnam are among the main suppliers of imported rice to Indonesia. In the first half of 2023, however, rice prices from these two countries surged.

According to World Bank data, the average price of Thai rice tended to increase throughout the first half of this year, reaching USD 514 per ton in June 2023.

This price increased by 0.8% compared to the previous month (month-on-month/mom), was 15.8% more expensive than a year ago (year-on-year/yoy), and reached the highest record since 2021.

Meanwhile, the average price of Vietnamese rice (5% broken quality) reached USD 508.24 per ton in June 2023.

The price of Vietnamese rice rose by 8% month-on-month (mom), increased by 23% year-on-year (yoy), and became the most expensive record in the last decade.

The increase in rice prices from these supplying countries could affect Indonesia. President Jokowi plans to import 2 million tons of rice this year.

According to Jokowi, imports are needed to strengthen the government's rice reserves and anticipate the risk of the El Niño weather phenomenon, which could cause drought and disrupt rice production.

"Bulog and the National Food Agency (Bapanas) are preparing themselves by strengthening their rice reserves. We don't want to be in a situation where, when the long dry season arrives, we're scrambling to buy rice from Thailand, Vietnam, India, or Pakistan, only to find that there's none available," said Jokowi, as quoted from the official Bulog website (8/5/2023).

According to the Head of Bapanas, Arief Prasetyo Adi, until mid-June 2023, the government had rice reserves of around 600,800 tons, while the estimated national rice needs are 2.57 million tons per month.

Thus, the ratio of government rice reserve stocks in June 2023 reached 23% of the total national monthly needs.

This figure has exceeded Bapanas' target, which set a minimum government food reserve stock of 5% of total monthly national needs.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Prices of Imported Rice from Thailand and Vietnam Soared in the First Half of 2023

Prices of Imported Rice from Thailand and Vietnam Soared in the First Half of 2023

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Prices of Imported Rice from Thailand and Vietnam Soared in the First Half of 2023

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