Thailand to export 9.5 mln tons of rice in 2018

[webfact]

Thailand to export 9.5 mln tons of rice in 2018

Source: Xinhua| Editor: Jiaxin

 

File photo

 

BANGKOK, Jan. 11 (Xinhua) -- Thailand is expected to have some 9.5 million tons of rice for export this year, a senior government official said on Wednesday.

 

The 9.5 million tons of the Thai rice will bring some 4.7 billion U.S. dollars in export value thoughout 2018, according to acting Foreign Trade Department director general Adul Chotinisakorn.

 

That compared to last year's 11.48 million tons of the Thai rice which secured 5.1 billion U.S. dollars in export value, the acting department chief said.

 

Full story: http://www.xinhuanet.com/english/2018-01/10/c_136885710.htm

 

-- Xinhua 2018-01-11

[KhunMhee]

Wait a minute! This isn't going to turn into ricegate 2.0 is it? Maybe the General will be in London late next year with pictures of him and Ying sipping tea and laughing...

[Ricardo]

Good to see export-volumes and prices getting back towards normal, after the unwinding of the ridiculous PTP-scheme, the farmers must be very relieved after the pain of the past few years.

 

Whether the credit ( and blame) will be put where it belongs remains to be seen, hopefully at an election this November, and they will be more wary the next time someone promises to make them all rich within six months ? Or perhaps not  ...  hope springs eternal, when a politician tells you what you want to hear !

[Srikcir]

9 hours ago, webfact said:

The 9.5 million tons of the Thai rice will bring some 4.7 billion U.S. dollars in export value thoughout 2018

This represents a potential 11.5% increase in export price of rice per ton. That's achievable with the global rice price is forecasted to increase by almost 20% as the global rice stock falls.

https://www.thailand-business-news.com/economics/62221-thai-economy-continue-upturn-2018.html

The Prayut government is paying farmers a total of Bt1.7 billion not to grow a second-crop rice for 2018 to reduce rice-cultivated area by 150,000 rai.  

http://englishnews.thaipbs.or.th/farmers-paid-not-grow-second-crop-rice-next-year/

However, Thailand's largest competitor India may push for higher rice export volumes in 2018.

India's Rice exports likely jumped 22% in 2017 to a record 12.3 million tons and a boost in shipments is set to extend into 2018. 

https://www.commodityonline.com/commodity-news/indias-rice-exports-at-record-high-in-2017/news-now/18672

So there's a high potential in price volatility beyond Thailand's control that may result in lower global prices for rice. If that does result, it's not too favorable for Prayut if 2018 is an election year.

It might be better for the government not to be overly optimistic about higher prices for 2018, maybe say prices expect to be flat. If there is indeed higher prices, then the government can say it over performed - good for elections.