Rice exports likely to increase in rest of 2008

Written by changthai11 on Tuesday, September 23rd, 2008

Rice exports likely to increase in rest of 2008

BANGKOK, Sept 23 (TNA) - Thailand’s rice exports are expected to increase further in the remainder of 2008, with many importing countries having greater need for Thai rice, according to the Foreign Trade Department (FTD).

FTD director-general Apiradi Tantraporn said since Thailand has not imposed rice export controls, it is expected that the country’s rice exports this year will reach 9.5-10 million tonnes worth about US$5.8-$6 billion.

Major destinations for Thai shipped rice stocks included Nigeria, Benin, the Philippines, Malaysia, the European Union, Iraq, and the Ivory Coast.

From January through mid September this year, Thailand exported 8.08 million tonnes of rice valued at $4.91 billion (Bt158.86 billion) in value, up 39.48, 125.42, and 110.19 per cent respectively from the same period last year.

The rice export price increased to an average of $607 per tonne, up 61.61 per cent from $376 a tonne last year.

Next year, she projected, the rice price in the world market would not fluctuate as heavily as that of this year.

Constraints in the global rice supply is expected to ease because rice production is set to increase.

However, the global demand for rice would remain high due to increased consumption in many markets. It is forecast the global rice trade next year would reach 28.25 million tonnes.

Major exporters include Thailand, Vietnam, the United States, Pakistan, and India, while key importers are the Philippines, Nigeria, the European Union, Saudi Arabia, Iran, Iraq, and Malaysia.

Thailand will continue to be the world’s top rice exporter with a volume of around 9-9.5 million tonnes shipped, or $4.95-5.23 billion in value, she said.