India Queen Basmati Rice

As per statement issued by the Agriculture Department official that Vietnam rice exporters have signed contracts to export around 4.45 million tons of rice as at the end of July 2015,which is less about 9% from around 4.9 million tons as contracted during the last year. In this contract, about 24% or around one million tons are government-to-government contracts and the remaining are commercial contracts.

Further, it was informed that as of July 31, 2015, the member exporters of the Vietnam Food Association (VFA) exported around 3.3 million tons of rice worth about $1.37 billion, which is down about 8.73% y/y in quantity and 12.43% y/y in value from last year.

In addition, Vietnam has also lowered the floor price (minimum export price, MEP) of its lower quality (25% broken) rice exports by about 3% to around $340 per ton from around $350 per ton in order to boost exports. The MEP has been effective since August 13, 2015.However, export prices of Vietnam 5% rice are currently quoted around $345 per ton as compared to around $365 per ton of Thai 5% rice, around $370 per ton of India 5% rice and around $335 per ton of Pakistan rice.