Global Rice News

Rice exporters in Pakistan remain optimistic about the prices of Thai rice in the global market, expecting them to stay relatively high in the first half of this year. This optimism stems from India’s ban on white rice exports, which has limited competition. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, predicts that global prices will hover around $600 per tonne, the highest in over a decade.

Thailand, Vietnam, and Pakistan are the key rice-exporting countries in Asia. Chookiat also anticipates that Indonesia will continue its rice imports, although possibly in a lower quantity compared to the previous year. Indonesia imported nearly 4 million tonnes of rice from various countries, including Thailand, Vietnam, Pakistan, and Myanmar.

Rice exports from Thailand reached an estimated total of 8.8-8.9 million tonnes last year, exceeding the previous projection of 8.5 million tonnes. The estimated value of these exports was 180 billion baht. This increase in exports was driven by rising prices. In November 2022, rice exports reached 1 million tonnes, valued at 23.0 billion baht. This marked a 19.9% increase in volume and a 23.3% increase in value compared to October 2022.

The surge in exports was primarily due to increased shipments of white and hom mali fragrant rice. Key importers accelerated their imports to compensate for reduced domestic supply and record-high global rice prices, especially for white rice.

The Thai Rice Exporters Association predicts that the rice export volume for the previous month was around 900,000 tonnes. This is attributed to exporters delivering a large quantity of rice, coupled with significant demand from key importers in Asia, such as Indonesia, Malaysia, the Philippines, and Japan. Additionally, major markets in Africa, the Middle East, and the Americas are expected to have strong demand for various types of rice.

Thailand’s rice supply remains sufficient, and the price of Thai rice remains competitive. As of December 27, 2023, the price of Thai white rice 5% was quoted at $659 per tonne, while prices from Vietnam and Pakistan were in the range of $653-657 and $593-597 per tonne, respectively. The price of Thai parboiled rice was $659 per tonne, and prices for parboiled rice from India and Pakistan were in the range of $513-517 and $546-550 per tonne, respectively.

Looking ahead, the Thai Rice Exporters Association forecasts that Thailand will ship around 7.5 million tonnes of rice this year. This estimate is based on the possibility of India reversing its ban on rice exports in the second half of the year. However, the association is also monitoring the potential impact of the El Niño weather phenomenon on global rice production.

According to data from the Thai Customs Department, Thailand exported 7.95 million tonnes of rice valued at 160 billion baht ($4.61 billion) in the first 11 months of 2023. This marks a 14.7% increase in volume and a 28.9% increase in value compared to the same period last year.

Source: [Bangkok Post](https://www.bangkokpost.com)