Rice exports cross $1 bln on higher prices

The volume of rice exports during the period dropped 11 percent year-on-year to 1.9 million tons, according to the Ministry of Industry and Trade.

However, as the average export price rose 13.4 percent year-on-year to $534 per ton, its value topped that of last year.

The Vietnam Food Association has forecast that the nation’s rice export value will continue to rise because of higher selling prices.

Vietnam plans to produce 43 million tons of paddy and targets exporting 6.5 million tons of rice this year, according to the Ministry of Agriculture and Rural Development.

The nation was the world’s second largest rice exporter last year at 6.25 million tons.