HANOI, Aug 6 — Prices of Vietnam’s rice exports reached the highest level in 15 years following export restrictions in some countries.

The price of 5 per cent broken rice has increased to US$590-US$600 (RM2,687-RM2,733) per tonne, higher than the US$550-US$575 per tonne of the previous week, reported Vietnam News Agency (VNA).

Vietnam’s average price of exported rice in the first six months of 2023 reached US$539 per tonne, a 10.2 per cent increase over the same period in the previous year, according to the General Department of Vietnam Customs.

Exporters expected prices of the grain to rise further after India’s move to restrict rice exports.

On July 20, India issued a ban on rice exports, aiming to ensure adequate domestic availability at reasonable prices.

Following this ban, rice prices have continued to increase sharply in other leading rice export centres in Asia.

Thailand’s 5 per cent broken rice price also rose to US$627-US$630 per tonne, the highest in the last 15 years, much higher than the price of US$545 per tonne recorded in the previous week. — Bernama-VNA