[INNEWS Comprehensive Report] Announced on September 4, Kim Savuth, Chairman of Khmer Food Group Co., Ltd. revealed that Cambodia has exported more than 1,000 tons of rice to the Philippines for the second time. The rice exported this time is ordinary rice, with a quantity of up to 1,040 tons.
He pointed out that despite the challenge of rising rice prices, this may affect the next export of rice.
It is reported that Jinshawu has no plans to increase rice exports to the Philippines because Cambodian rice prices are currently soaring, but Philippine buyers refuse to increase the price of imported rice. Therefore, his company cannot export because there is no profit margin.
Lon Yeng, secretary-general of the Cambodian Rice Federation, said that after years of trying to open up the market, Cambodia has finally started exporting rice to the Philippines. He congratulated Cambodia on exporting 1,040 tons of rice to the Philippines for the second time. However, he is also worried that rising rice prices will affect the sustainability and scale of Cambodia’s rice exports to the Philippines.
According to rice prices recorded by the Cambodian Rice Federation, in early September this year, the average price of rice was 1,300 riel (approximately US$0.32) per kilogram. The average price of ordinary rice in the international market is about US$650 per ton. As early as early 2023, Cambodia had exported the first batch of 2,575 tons of rice to the Philippines, including 75 tons of red jasmine rice and 2,500 tons of soft rice. As a rice producer, the Philippines is also one of the major rice importers in Asia. In 2022, the Philippines imported 3.82 million tons of rice from various countries, most of which was ordinary rice.
According to a report by the Cambodian Rice Federation, in the first seven months of 2023, Cambodia’s rice export volume was 362,708 tons, with an export value of US$253 million. At the same time, rice export volume was 2.4 million tons, with an export value of US$663 million.