Rice Exports Hit US$1.51 Bln in First Six Months
Vietnam is estimated to rake in US$1.51 billion from exporting more than 2.5 million tons of rice in the first half of 2008, up 99 per cent on year in value despite a slight rise of 5.8 per cent in volume, the General Statistics Office (GSO) reported.
In June, the country exported 280,000 tons of rice worth US$250 million, down from 450,000 tons worth US$350 million in May.
After removing ban on inking new rice export contracts, which will start from July, Vietnam decided to reduce floor export prices of its rice by 2.5 per cent to US$780 a ton, compared to US$800 a ton price a week earlier, due to slow exports.
At the world market, rice export prices of both Vietnam and Thailand ped by 3 per cent June 25, or down nearly 30 per cent compared to the peak at US$1,080 a ton April 24.
Foreign companies are hesitating to sign rice import contracts with Vietnamese partners as they believe that India will also remove rice export ban. They are seeking to buy Vietnamese rice with only US$630 a ton. (GSO, Vietnam & World Economy)
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