Thailand predicts rice prices to rise until mid-year
Rice prices will rise until the middle of the year as consumers around the world are beefing up their stockpiles, while China will not increase their exports for food security to deal with the outbreak of the acute respiratory disease caused by the coronavirus SARS-CoV-2 (COVID-19), the Thai Rice Exporters Association (TREA) forecast.
Bangkok (VNA) – Rice prices will rise until the middle of the year asconsumers around the world are beefing up their stockpiles, while China willnot increase their exports for food security to deal with the outbreak of theacute respiratory disease caused by the coronavirus SARS-CoV-2 (COVID-19), theThai Rice Exporters Association (TREA) forecast.
TREA Honourary President Chookiat Ophaswongse said that globalrice demand has surged since the virus outbreak, causing rice prices toincrease by 30-50 USD per tonne since early 2020.
Meanwhile, China, which controls a massive rice stock of upto 120 million tonnes, has halted exports after shipping 3 million tonnespriced about 100 USD per tonne lower than Thai grains last year, he said.
Before the virus outbreak, it was estimated China wouldboost its rice shipments to 3.5-4 million tonnes this year.
According to Chookiat, buyers from several countries are nowmore interested in Thai rice, with some importers willing to buy unlimitedamounts to boost their stocks. The free-on-board prices of 5 percent white rice have risen to 440-450 USD per tonne from 400 USD at the beginning of the year.
He predicts rice prices will gradually increase until themiddle of the year, or longer if the epidemic is prolonged.
In 2019, Thailand exported 7.58 million tonnes of rice,earning 131 billion THB (4.15 billion USD), down 32 percent in volume and 25percent in value year-on-year. TREA set a goal of pocketing 4.2 billion USDfrom shipping 7.5 million tonnes of rice abroad this year, the lowest targetsince 2013./.
Rice exports may fall below 8 million tonnes for 2019, with this year's prospects still uncertain because of a slew of risk factors such as the continued strong baht, natural disasters and emerging new rice exporters like Myanmar and China, local media reported.
Thailand risks losing its place as the world’s second biggest rice exporter this year thanks to weaker competitiveness and a lack of new rice varieties to cater to changing market demand.
Thailand's food exports to China are likely to double in the second quarter, driven by a surge in demand in this market, according to the Thai Food Processors Association.
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Sacks of Thai rice in supermarkets (Source: VNA) 
