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Rice traders turning to Euro to avoid dollar weakening
Thai rice exporters are expected to gradually shift to trading in euro to mitigate the impact of the US dollar’s continued weakening against the baht, which has hurt their revenue, industry experts said. Nearly 90 per cent of the exporters’ turnover is denominated in dollars. Rice is the country’s biggest agricultural export, helping to boost the total value of Thailand’s agricultural exports in October to US$2.4 billion (Bt79.8 billion).
Korbsook Iamsuri, CEO of Kamolkij, a major exporter of parboiled rice, said that although the rice price is expected to increase gradually next year on higher global demand, exporters are worried about the stability of the baht against the greenback.
Rice exporters may prefer euro to dollar
“The US dollar is likely to remain weak against the baht and other currencies next year. It will be difficult for Thai rice exporters to offset losses from the baht’s appreciation. Thai rice prices quoted in US dollars will also be high compared with other [countries’] rice prices,” said Korbsook.
via Rice traders turning to Euro – Nationmultimedia.com.
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