Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates

Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

Exports of agro-forestry-fishery products rocket in value   2008-10-29 - VNA

Vietnam raked in 13.6 billion USD from the export of agro-forestry-fishery products in the first ten months of this year, up 25.7 percent over the same period in 2007.

Aquatic products, rice, wood and wooden furniture, coffee and rubber, have joined the group of 11 export staples posting a turnover exceeding 1 billion USD for the reviewed period.

According to a report by the Ministry of Agriculture and Rural Development (MARD), aquatic products, rice, wood and wooden furniture, coffee and rubber, have joined the group of 11 export staples posting a turnover exceeding 1 billion USD for the reviewed period.

However, the ministry said that earnings from farm product exports in October dropped by 7 percent against the previous month, registering just 1.4 billion USD for the month, despite a year-on-year increase of 25.6 percent.

This decrease in export revenue is being attributed to the decline in prices of many key agricultural products due to the global financial crisis. The price of rice plummeted to 587 USD per tonne from 800 USD in September; the cost of cashew nuts fell to 5,400 USD per tonne from 6,500 USD in early August, while the price of pepper dropped by 20-25 percent.

Moreover, a number of agricultural products such as coffee and rice are enjoying bumper harvests, with the increased supply having a detrimental effect on prices over recent months.

Experts predict that local exporters will find it increasingly difficult to win new contracts as the price of rice continues to fall, while demand for rice in the global market is expected to drop in the near future.

This is one of the factors behind the recent decrease in the price of summer-autumn paddy rice in the Mekong Delta. Vietnam has to date signed contracts to export 4.5 million tonnes of rice.

The Director of the Institute of Policy and Strategy for Agriculture and Rural Development, Dang Kim Son, said that prices of agricultural products tend to fluctuate rapidly when supply is unstable.

Vietnam has a golden opportunity to expand its markets for consumable farm produce such as rice, due to the fact that many countries are currently unable to produce enough to meet domestic demand.

In further move, the MARD has advised local farmers and businesses to improve the quality of agricultural products for export in order to sharpen competitiveness and expand into new overseas markets to reduce their dependence on traditional consumer markets.

Other news

BUSINESS IN BRIEF 29/10   2008-10-29

Animal feed prices cut into farmers’ profits   2008-10-29

Liquidity cushions market fall   2008-10-29

Ministries considering raising import tax, not slashing petrol price   2008-10-29

FDI hits almost $60bil so far this year   2008-10-29

Vietnam’s retail market attracts foreign investors   2008-10-29

Labourers in automobile industry losing jobs   2008-10-29

Russia, Vietnam sign deals on energy and alumina   2008-10-29

Japanese steelmaker to buy stake in Korean firm’s Vietnam mill   2008-10-29

Stocks continue to flounder   2008-10-29

Industry-construction most attractive to foreign investors   2008-10-28

SMEs eye opportunities in software processing industry   2008-10-28

Is deflation now really the biggest concern?   2008-10-28

Phone tariffs cut by up to 20%   2008-10-28