Strong baht hitting rice
The appreciation of the baht is pushing up export prices for rice, fuelling worries the Kingdom will miss its sales target of 7.5 million tonnes, according to the Commerce Ministry.
Total rice exports reached 6.8 million tonnes and US$2.3 billion (Bt80.97 billion) in the first 11 months of this year. Commerce Minister Krirk-krai Jirapaet said the ministry was promoting rice overseas to boost sales. The ministry expected exports to reach 7.5 million tonnes valued at $2.34 billion. Thailand is the world's leading rice-exporter, followed by Vietnam. Baht strength has increased the gap between Thai and Vietnamese rice prices by $30 to $60 a tonne. Importers have slowed orders. Krirk-krai led Thai rice-exporters to Hong Kong last week, looking to raise awareness of the quality of Thai rice. Hong Kong is the fifth biggest buyer of Thai rice. It imported almost 306,000 tonnes of jasmine rice last year. In the first 10 months of this year, Hong Kong imported 237,000 tonnes. It gets almost 90 per cent of its rice from the Kingdom. The special administrative region does not charge import duty. "Promoting the unique qualities of jasmine rice will increase value and volume," Krirk-krai said. The government intends to step up advertising in other international markets.
Petchanet Pratruangkrai
The Nation
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