NDO/VNA – Indonesia will import 500,000 tonnes of rice from Vietnam and Thailand to contain rice price hikes and a declining supply in the local market, said Indonesian Minister of Trade Enggartiasto Lukita. The type of imported rice will be of premium quality, using varieties not grown in Indonesia, so it will not harm local farmers or rice production, Lukita said on January 12. The country’s current rice stocks were estimated at about 950,000 tonnes, most of which is low-grade rice to be distributed as aid for low-income people. Meanwhile, rice stocks for commercial purposes were only at 11,000 tonnes. Previously, Indonesia Vice President Jusuf Kalla had called on the National Logistics Agency (Bulog) to consider importing rice in order to bring down domestic prices. According to the National Strategic Food Prices Information Centre (PIHPSN), the medium-quality rice is currently fetching IDR14,100 or US$1 per kg. The rice prices vary among regions. West Papua reported the highest price of IDR14,250 per kg while the lowest price of just over IDR9,700 per kg was posted in West Nusa Tanggara.
The Ministry of Industry and Trade said that export prices of Vietnamese rice hit year’s record due to weak supply on high demand. The ministry said on its website that high demand from the Philippines, the world’s biggest rice buyer, at the end of Vietnam’s crop is a major reason for the price rises. Local traders said 5% broken rice was offered at US$500/ton, FOB, up by US$40/ton from a week earlier and by 30% from the beginning of the year. Prices of 25% broken rice also rose to US$470/ton, FOB, from US$420/ton against a week ago; and US$330/ton from Jan, 2009. “Vietnamese rice…... [read more]
Since early this year, the Government has launched measures to curb soaring prices in the domestic market. Recently, experts from the Government’s market management group devised four urgent solutions for controlling rapid increases in the consumer price index (CPI) in a bid to keep the CPI growth at a lower level than this year’s economic growth. However, the ever-changing fluctuations in the prices of many items on the global market have a great impact on the country’s socio-economic development. On the sidelines of the current second session of the 12th NA, Deputy Prime Minister Hoang Trung Hai spoke…... [read more]
Indonesia's parliament rejected Saturday a plan to hike the heavily subsidised fuel price by a third, instead voting in a law that would allow future hikes if global oil prices rise further. "There will not be a hike in the fuel price in the near future," house speaker Marzuki Alie told parliament. It had been widely expected that parliament would approve the hike from Rp 4,500 (49 cents) a litre to Rp 6,000 to ease pressure on its budget as global oil prices soar above $100 a barrel. The government said the country could not afford the fuel subsidies that…... [read more]
To ensure the economic growth rate of some 6.5 % and the consumer price index of about 8 % in 2010, Prime Minister Nguyen Tan Dung has recently issued the Instructions No. 1875/CT-TTg, requesting the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, the Ministry of Health and the Ministry of Construction to complete and announce production development plans and distribution systems of essential products like gasoline, fertilisers, construction steel, cement, food and medicines. The deadline for the plans to be submitted is the fourth quarter of 2010. The Prime Minister asked the Ministry of Industry and…... [read more]
Vietnamese fertilizer traders dare not sign further contracts to import urea due to high domestic inventories and global price hikes against lower prices in Vietnam, said a director of a state-run company. Dinh Huu Loc, the director of Phu My Urea Fertilizer Factory, also added that world urea prices have increased by US$25-30 up to US$314 per ton while domestic Phu My urea rates are at US$215-282 per ton. Last year Vietnam Fertilizer Association advised domestic enterprises not to import more urea fertilizer thanks to sufficient domestic supply. But importers continued to hoard fertilizer and now face financial losses caused by large stocks…... [read more]
