Vietnam’s rice exports between January and November saw a year-on-year increase of 3.6 percent in volume, but a 4.9 percent annual decrease in value, the Ministry of Agriculture and Rural Development reported.
Rice exports in the first nine months reached 6.24 million tons, fetching US$2.65 billion in total. The average export price was $426 per metric ton, down 7.4 percent from the same period last year.
Shipments in October and November saw sharp increases compared to previous months, the ministry said, citing new contracts signed with the Philippines and Indonesia in October as the main reason.
Under the contracts that will expire in March next year, Vietnam is set to export 450,000 tons of rice to the Philippines and one million tons to Indonesia.
The contracts may bring the total rice exports in 2015 to 6.8 million tons, while the estimated figure released in September was only 6.02 million tons, according to the ministry.
The Vietnam Food Association cut the minimum price of exported rice twice, in May and September.