Business

Export rice prices increases sharply in November

The price of Vietnam ’s 5 percent broken rice saw an increase of 25 USD per tonne in November to fluctuate between 390 and 415 USD, according to the Vietnam Food Association (VFA).
The price of Vietnam ’s 5 percent broken rice saw an increaseof 25 USD per tonne in November to fluctuate between 390 and 415 USD, according to the Vietnam Food Association (VFA).

The association attributed the rise to higher domestic rice prices andthe impact from a recently-signed contract to supply 500,000 tonnesto the Philippines .

Industry experts said export prices should remain at about 420 USD/tonne until the end of January 2014.

However, the average export price for the first 11 months of this yearstill showed a decrease of 14.53 USD compared to the same period lastyear.

The domestic price of rice has increased by 350VND per kilogramme as the harvest of the Winter-Spring crop is overwhile exporters try to secure supply for the big contract with thePhilippines . This led to Vietnam ’s price currently being higherthan the world’s, and the highest among Asian suppliers.

From January to November 30, 2013 , Vietnam exported 6.143million tonnes of rice worth 2.647 billion USD (FBO), down 13.37 percentin volume and 16.19 percent in value over the same period lastyear.

The country shipped a record 7.72 million tonnes of rice and earned 3.45 billion USD in 2012.-VNA
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