Vietnam’s rice exports rose 26 percent year-on-year in the first seven months as importers looked for new suppliers in anticipation that Thailand will raise its prices, industry insiders say.

According to the Vietnam Food Association, the country shipped 4.61 million tons of rice during the period, up 16.7 percent in terms of volume from a year ago. Export revenues reached US$2.18 billion, a 26 percent increase over the same period last year.

In July, local exporters continued to sign new contracts for a total volume of one million tons, which the association said is a new record.

Thailand, the world’s largest rice exporter, is expected to offer higher prices to its farmers, prompting many buyers to scout for other supply sources.

The US has cut back on rice production by 30 percent this year while the demand for the grain in Asian markets like Indonesia, Malaysia and the Philippines is still high, the Vietnam Food Association said.

The average price of Vietnamese rice was $473.3 per ton in the January-July period, up 8 percent from a year before.
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