Vietnam Exports More Than 6 Million Tonnes of Rice

Vietnam exported more than 6 million tonnes of rice from the start of the year to October 11, valued at more than USD2.7 billion, announced the Vietnam Food Association (VFA) on October 16.

 

The country’s average export rice price over the past nine months of 2012 reached USD456 per tonne, 5 percent lower than that of the same period last year.

 

Aiming to avoid sharp decrease in rice prices when the harvest comes, VFA recently announced price levels for rice exports applied from October 10. Specifically, 5 percent broken rice will be sold at the lowest price of USD460 per tonne, 10 percent broken rice at USD455 per tonne, 15 percent broken rice at USD445 per tonne and 25 percent broken rice at USD435 per tonne.

 

Currently, Vietnam’s 5 percent broken rice costs USD440 per tonne, 5 percent lower than the floor price of VFA, while 25 percent broken rice is priced at USD410 per tonne, 3 percent lower.

 

Vietnam has signed contracts to ship 7.3 million tonnes of rice overseas and the volume of rice in stock is more than 1.7 million tonnes, enough for both local demand and exports.