Rice exports see sharp increase in February

The Vietnam Food Association (VFA) has announced that Vietnam shipped over 440,000 tonnes of rice abroad worth US$178 million (FOB) or US$190 million (CIF) in February, making the average export price US$405 per ton (FOB).

Photo for Illustration (Pho to: Thai Thien)

In the first two months of the year, the country exported over 856,000 tonnes of rice worth US$348 million (FOB) or US$372 million (CIF), making the average export price US$406 per ton (FOB).

The VFA evaluated that rice exports in February surpassed the set target of 400,000 tonnes and rose by 5.44% month on month and by 117% year on year. The earnings from rice exports in the past two months were higher than the same period last year at 102%. The exports increased sharply thanks to contracts moved to the beginning of the year from 2015, especially contracts with Indonesia, the Philippines and China.

The number of contracts on purchasing rice surged in February month-on-month and year-on-year. The profits from contracts signed in February also rose year-on-year. Notably, though rice exports increased sharply in February, there still are many contracts in place, with nearly 1.4 million tonnes of rice to be shipped, furthering the rise of rice exports in the coming months without including to-be-signed contracts.

Currently, the price of rice in the country is forecast to continue rising thanks to signed contracts and resumed demand from China, together with impacts from drought and saltwater intrusion in coastal provinces.

(Source: NDO)