Thai rice price to halve from record on supply

Published: 17/02/2009 05:00

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The price of rice from Thailand, the world’s biggest exporter, may average US$530 a ton this year, down by half from a record in 2008 when producers including Vietnam curbed shipments to stave off cooking shortages.

“The rice export situation this year will be back to normal after some panic buying last year on concerns about a shortage,” Apiradi Tantraporn, general-director of the Commerce Ministry’s foreign trade department, told reporters Tuesday at her office near Bangkok.

She declined to give the average price for 2008.

Thailand sold the 100 percent, Grade-B rice, a benchmark, at a record $1,038 a ton in May, as the biggest producers, including Vietnam and India, curbed shipments to bolster domestic supply.

Exports this year may be between 8.5 million and 9 million tons, compared with 10 million in 2008, Apiradi said, repeating an earlier forecast.

Shipments this month may be less than 600,000 tons, compared with 1.04 million tons exported in February last year, Thai Rice Exporters Association President Chookiat Ophaswongse said February 13.

Source: Bloomberg

Provide by Vietnam Travel

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