The volume fetched total revenue of nearly US$170 million, rising by US$90 million year-on-year.

Meanwhile, a source said Vietnam’s total rice exports, including of non-VFA members, from January 1 to 26 increased more than 75% year-on-year to 751,000 tons.

With the rice exports, Vietnam was the world’s second largest rice exporter last month after Thailand. According to the source, Thailand exported one million tons of rice, India 598,000 tons, Pakistan 552 tons, and the United States 193,000 tons in January.

Regarding supply and demand of grains last month, the Food and Agriculture Organization of the United Nations (FAO) said conditions tended to turn favorable for rice exporting countries in terms of rice production and global consumption.

FAO predicted that global rice output would fall slightly from 494.3 million tons in 2014-2015 to 491.8 million tons in 2015-2016 as rice output dropped in some countries including Indonesia due to water shortages.

However, global rice consumption is projected to rise by 1.1% to 498.4 million tons in 2015-2016 from 492.8 million tons in 2014-2016. Meanwhile, rice inventories in the world would fall by 3% to 166.6 million tons this year against 172.1 million tons last year.

FAO forecast that global rice trade would increase 1.4% to 45.4 million tons this year versus 44.8 million tons last year.

Domestic prices of rice and paddy remain stable despite the long Lunar New Year holiday (Tet). Fresh IR 50404 paddy harvested by combine harvester is sold at VND4,500-4,600 a kilo while the price of unprocessed IR 50404 rice is priced at VND6,500-6,600 a kilo.

Meanwhile, export prices of rice stand at US$350-360 a ton for 5% broken type, US$340-350 a ton for 25% broken type and US$425-435 a ton for Jasmine fragrant rice.

Trung Chanh (TheSaigonTimes)