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Trade Trends News
08-08-2023
· Thai rice exports exceed 8 million tons this year
· Minister: No need to ban Thai rice exports as country has sufficient rice production
Thailand is benefiting from India's rice export ban, so there is no reason to stop the country's exports as it has enough production to meet exports and domestic consumption, the country's commerce minister said on Monday.
India ordered a halt to its largest rice export category in late July, a move that would roughly halve exports from the world's biggest grain exporter and spark fears of further inflation in global food markets.
Minister Jurin Laksanawisit told a news conference that India's ban provided opportunities for Thai rice producers, especially in Africa, which consumes large quantities of Indian rice.
"Due to India's export ban, global prices have risen as production has fallen ...... Farmers can sell rice at higher prices," he said.
But he added that global prices were volatile and the government would closely monitor developments.
Thailand, the world's second-largest rice exporter, expects to export more than 8 million tons of rice this year, Charoen Laothamatas, president of the Thai Rice Exporters Association, said in a briefing.
In the first seven months of this year, Thailand exported 4.8 million tons, or 700,000 to 800,000 tons per month, he said. Last year's rice exports were 7.71 million tons.
He said, "The world market is very volatile due to speculative activities in various markets, affecting countries that do not have stocks on hand."
Charoen said Thai rice export prices could rise by 20 percent after the Indian ban is implemented.
Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said exporters are reluctant to quote prices and may temporarily halt shipments pending further clarity.
"Right now we are worried about old contracts for deliveries in the next two to three weeks because prices are volatile," he said. "But this should only be a temporary event until there is further clarification from India."
Two trade sources said last week that some rice exporters in Thailand and Vietnam were renegotiating sales contracts for August shipments of about 500,000 tons.
Minister Chulin said the government will also ensure that domestic rice prices do not rise too high, adding that inflation is expected to remain low.
"Domestic consumption has not yet been affected as rice exports have remained normal, but rice prices are high, so it is important to control rice prices to remain at an appropriate level," Jurin said.
With rice prices currently at a record 12,000 baht (US$344.43) per ton, he said rice production is expected to fall 5.6 percent annually to 32.35 million tons this year.
(US$1 = 34.84 baht)
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