Vietnam 2008 Rice Exports Lower On Year

According to the latest statistics released by the Vietnam Food Association, VFA, Vietnam has exported 3 million MT of rice so far this year, a drop of 5.7 % from the same period last year, while its revenues have almost doubled.

Revenues from the export of the grain between the start of this year and Aug. 22 reached $1.79 billion, up 92 % from the same period last year, the association said in its weekly report.

The report did not give a reason for the decline in exports, but Vietnam imposed a ban on the signing of new export contracts between March and early June to save grain for domestic consumption.

Last year, Vietnam exported 4.5 million MT making it the worlds third largest after Thailand and India, but that was down from a record 5.2 million MT exported in 2005.

Rice is Vietnam 's fifth largest foreign currency earner, accounting for 20 percent of the total export turnover of the agro-forestry-seafood group.