Soaring rice prices delight exporters

BANGKOK, May 28 (TNA) -- The president of the Thai Rice Exporters Association estimates that prices for Thai rice will continue to rise in the latter half of year due to strong demand. Pol Lt Charoen Laothamatas, president of the Thai Rice Exporters Association stated that current rice prices has soared to a historic high. Jasmine rice in particular, now sells for 1,250 US dollars per ton which comparatively is much higher than during the rice pledging scheme initiated by the former government. Pol Lt Charoen attributes this to the limited supplies in comparison to the sustained high demand for Thai rice in the global market. Other rice such as regular white rice has also currently risen to between 430 - 435 US dollars per ton due mainly to rising demand in many countries like Indonesia. Indonesia regularly imports two million tons but recently has been only able to import 1.5 million tons due to competing demands from other markets. Thailand has only just won a bid to supply rice to the Philippines. On the whole, the association expects prices of Thai rice to continue to appreciate for the remainder of the year because supplies are short as the government has already cleared all existing rice stocks. In total the association expects to export no less than 10 million tons of rice this year. Pol Lt Charoen, however, is advising rice farmers to change their crop cultivation plan and grow only what is demanded by the market and not grow whatever they liked. The president said that this was counterproductive as Thailand faces stiff competition from countries like India, Vietnam and most importantly Myanrmar which has an abundant variety of excellent rice crops. Increased specialisation to meet market demands will ensure the longevity of Thai rice. (TNA)