Commerce Ministry following global rice situation after India banned exports

[webfact]

    
BANGKOK (NNT) - Effects from the El Nino phenomenon, notably crop damage, are starting to be had in various countries. In India, damage in the agriculture sector has prompted the government to ban rice exports since July 20.

 

Because of this development, Thailand’s Ministry of Commerce is closely monitoring the global rice situation. In the meantime, ministry officials are confident Thailand will be able to export more than 8 million tonnes of rice this year.

 

Ministry of Commerce Permanent Secretary Keerati Rushchano has ordered all relevant commerce ministry agencies to closely follow up on the rice situation. These agencies include the Department of Foreign Trade, the Department of Internal Trade, Thai Trade Promotion offices abroad, and commercial attaches. This is especially true for agencies whose work is relevant to countries that produce, export, or import rice.

 

The agencies will assess information and tendencies pertaining to rice exports by major producers and various countries’ demand for rice. The situation of rice prices in Thailand and other countries and the stockpile of rice in Thailand will also be assessed. The permanent secretary expects a clearer picture of the global rice market’s tendencies to emerge within 1-2 weeks.

 

Keerati asserted Thailand will certainly not encounter a rice shortage, as it is a rice-producing country that has excess amounts of rice that are exported. He noted India’s ban on rice exports will likely benefit Thai rice exports, which are now expected to exceed the 2023 target of 8 million tonnes. This would allow domestic prices to improve, to the benefit of paddy farmers.

 

Keerati said the El Nino phenomenon is expected to occur for 1-3 years and will likely impact Thailand’s rice production amount. The commerce ministry has discussed the matter with the Ministry of Agriculture and Cooperatives to make plans to mitigate the expected drop in production.

 

by Namo Vananupong

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230803091339363

 

-- © Copyright NNT 2023-08-03

 

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[hotchilli]

4 hours ago, webfact said:

Because of this development, Thailand’s Ministry of Commerce is closely monitoring the global rice situation. In the meantime, ministry officials are confident Thailand will be able to export more than 8 million tonnes of rice this year.

If Thailand can predict enough rice to export, and cover the domestic needs what's the issue?

[BritScot]

Wouldn't it be nice if someone had thought about stock piling rice to sell now! Oh wait they did!!! What ever happened to the money when the generals sold it all off at great loss? Rhetorical question.