Rice exports hit record highs

7 Dec, 2010

Vietnam rice export has touched US$3 billion, the highest level ever, said Truong Thanh Phong, chairperson of Vietnam Food Association (VFA) on Monday. Mr.Phong said, “It is expected that the rice export in December will be 400,000-450,000 tons of rice, taking the tally in 2010 to 6.7 million tons”.

Vietnam’s rice export tops US$3 billion in 2010

However, he also said, “the rice export next year will be lower with 5.5 to 6 million tons, as the rice stockpiled this year has been low, with only 500,000 tons”. In the year 2009, it was 1.4 million tons.

Meanwhile, the rice imports from Cambodia will tumble since Thailand traders have more purchasing power in this neighboring market.

The rice market next year is expected to be very animated, as the Philippine government extended the deadline to buy 1.5 million tons of rice from Vietnam until 2013.

In addition, the grain imports are in high demand from Indonesia, Malaysia, Bangladesh, Iran and Iraq. This will increase substantially.

Moreover, the rice prices from the winter and spring crops have been forecasted to rise dramatically, this is due to insects’ infestation of the crops, which will affect the output.

Although the winter and spring crops has just begun, many traders in Long An have ordered buying in advance, with the price of over VND5, 000 a kilogram.

By Cong Phien – Translated by Nguyen Mien