|
|
| |
You are here : Home >> Top Story >> Report |
| |
|
| |
|
| |
|
| |
2008-07-02 12:30:00 |
|
|
| |
Vietnam cashes in on global rice crisis
Commodity Online
NEW DELHI: Vietnam is reaping rich dividends from the soaring rice prices in global market with an export earning of around $1.5 billion in the first six months of 2008.
This is almost double the amount it has earned from rice exports in the previous year. But, the other side of the story is that Vietnam exported hardly 6.5 per cent more rice than the previous year’s same period.
In the first six months of this year, Vietnam exported 2.5 million tonnes of rice.
According to Vietnam government officials, rice is now Vietnam’s fifth largest foreign currency earner. The bumper harvests in both southern and northern regions promise a total output of 37 million tonnes of paddy this year, one million tonnes more than the output of last year.
Considering Vietnam’s success India may also earn good foreign currency this year if the government allows rice exports in the near future. India is also expecting a bumper harvest this year, following good weather and increased acreage.
This year, Vietnam is expected to hike rice export quota to 4.5 million tonnes. The domestic rice market is also expected to cool down.
Commercial banks in Vietnam have been told by the government to ensure capital for rice exporters.
Rice production became one of the hottest issues in the first few months of this year, as farmers in northern provinces are faced with great challenges, including serious droughts, the most severe cold spells in the past 40 years, and the increases of agricultural materials prices.
The government earlier this year had to order a temporary ban on signing of rice export contracts to ensure national food security.
|
| |
|
| Most
Read : |
| |
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Technical Calls |
|
| |
Commodities recap evening of 3rd Dec, 2008 |
| |
Crude plunged below $47 on back of expectation of rising weekly inventories due later today. OPEC members remained concerned about oversupply in the world oil market and may decide to cut output further at their next meeting in Algeria on Dec. 17. |
 |
| |
Flashback - Energy 3rd Dec, 2008 |
| |
Today, oil prices will take cues from weekly energy inventory data, which will be released at 9.05p.m. As per expectation, data can weigh on oil prices. |
|
| |
Flashback - Base Metals 3rd Dec, 2008 |
| |
Base metals are taking cues from the equity and currency markets. Also, economic data and releases are indicating a weak economic situation and prices are under pressure. |
|
|
More> |
|
|
|
|
|
|
|
|
|
|
del.icio.us
Digg
newsVine
Feedburner
