Bangkok (VNA) – Thai rice exporters are fretting over their prospects this year as China looks set to ramp up its rice shipments, notably to Africa.
The Bangkok Post on June 12 quoted Chookiat Ophaswongse, honorary president of the Thai
Rice Exporters Association as saying that China produces an estimated 120 million tonnes of rice each year and is likely to raise exports to 3 million tonnes of aged grains this year from 1.5-2 million tonnes last year.
Africa is a potential target market for China now that consumers there are in the habit of eating aged rice, he said.
China’s 5 percent white rice is quoted at 300 USD a tonne, while similar grains from Thailand are quoted at 390 USD, those from Vietnam at 360 USD and those from India at 370 USD.
Chinese rice is very cheap compared with others, said Chookiat, adding that Thailand has run out of stocks of aged rice.
The value of rice exports rose 8.3 percent last year to 5.61 billion USD from 5.18 billion USD in 2017 and 4.40 billion USD in 2016. Rice export prices averaged 507 USD per tonne last year, up 14.1 percent from 2017.
Thai rice shipments totalled 11.09 million tonnes last year, down 5 percent from 11.67 million in 2017 but greater than 2016’s 9.91 million.
For the whole of 2019, rice exporters forecast Thai shipments of 9.5 million tonnes, or 500,000 tonnes shy of the Commerce Ministry’s projection.
BoT and PBC sign agreement on Fintech Collaboration
The two central banks aim to promote the use of innovation and technology to reduce costs and improve efficiency of financial products and services.
On 9 June 2019 Mr. Veerathai Santiprabhob Governor of the Bank of Thailand (BOT) and Mr. Yi Gang Governor of the People’s Bank of China (PBC), signed a Fintech Co-operation Agreement in Fukuoka, Japan.(more…)
Thailand welcomes relocation from China and Japan
A NESDC study found that the trade squabbles between the US and China since 2018 have led various factories to consider relocating their production bases to other countries.
Thai exports growth forecast drops to 1% due to trade war
This year’s export growth has been reduced to 1% from 3% earlier forecast due to the U.S.-China trade war and a world economic slowdown
Thailand’s export sector has raised concerns due to a trade war between the United States and China, which has been attributed to a decline in the volume of export cargoes by mercantile ships from this country.(more…)
Subscribe via Email
True Digital Park opens Work Space to ignite future Thai unicorns
Under the concept of ‘One Roof, All Possibilities’, True Digital Park is now ready to ignite startup unicorns and support...
Get vital compliance education in Bangkok this July
Join other professionals for a one-day compliance and ethics conference close to home in Bangkok, 12 July, 2019.
SET signs MoU with Shenzhen bourse to strengthen Thailand-China capital market
The Stock Exchange of Thailand (SET) signed a memorandum of understanding (MoU) with Shenzhen Stock Exchange (SZSE)