Thai Rice Exports In 2014 Projected At 9 Million Tonnes

BANGKOK, June 29 (TNA) - The Thai Rice Exporters Association has projected that Thailand would be able to export 9 million tonnes of rice this year, the highest level in three years, with earnings of 4.75 billion US dollars. According to the Association, demand for Thai rice has increased due to competitive prices while oversea buyers have also expressed interest in Thai rice, especially white rice and parboiled rice. Republic of Benin, Nigeria and South Africa continue to buy Thai rice while the country’s most popular ‘Mali’ (jasmine) fragrant rice is being exported to the United States, Hong Kong and Singapore on a regular basis, it said. Despite rising demand for Thai rice in the overseas, local exporters would prefer to keep limited stock due to fierce competition in the market while new rice harvested by Vietnam has started entering the market and the country tries to relieve its stock with an aim to prevent losses, said the Association. During the first five months this year, Thailand exported 3.82 million tonnes and earned about 63.1 billion baht, up 52.3 and 19 per cent in volume and value respectively year-on-year, said the association. Major importers were Republic of Benin, China, Ivory Coast, Cameroon and the US. It is estimated that Thailand would be able to export 900,000 tonnes of rice in June as demand in oversea for Thai rice continues to increase while prices also tend to rise due to global market mechanism, the Association added. (TNA)