Rice export price stands high

According to the Vietnam Food Association (VFA), Vietnam exported more than 615,000 tonnes of rice in July, fetching US$264.6 million, bringing the cumulative rice export volume this year to 3.6 million tonnes, grossing US$1.56 billion in revenue.

VFA attributed the uptick in the sales price of rice directly to increased demand in the Philippines and Malaysia.

To cope with the new movement, the VFA decided to raise the ceiling export price to US$410 per tonne for 25% broken rice as from July 28, US$45 higher than previous level applied as from July 2013.