Vietnam is estimated to roughly export 1.1 million tons of rice worth some 268 million U.S. dollars in the first quarter of this year, up 4.7 percent and 7.3 percent respectively against the same period last year.

Between January and March, the average export price of local rice is estimated at about 249.1 dollars per ton, 6 dollars higher than that in the first quarter of 2005, the Vietnam Food Association said.

Of the total volume of rice exported in the first quarter this year, 75 percent went to Asia, mainly the Philippines, Malaysia, Indonesia and Japan; 11.6 percent to Africa; and 9.5 percent to America, mostly Cuba.

Currently, export prices of Vietnamese rice are lower than those of Thai or Indian rice, mainly because Vietnam's main rice crop is in peak season, while local exporters are not financially strong enough to buy the commodity for stockpile, the association said.

Vietnam, which shipped abroad more than 5.2 million tons of rice worth nearly 1.4 billion dollars in 2005, has recently decided to export at most 5 million tons of the commodity this year, a move to ensure the country's food security.

Source: Xinhua