Thailand strikes rice deal with Hong Kong

BANGKOK, 11 April 2016 (NNT) - Thai rice exporters have signed a 120-million-US-dollar deal with seven rice importers from Hong Kong.

Commerce Minister Apiradi Tantraporn traveled to Hong Kong with a group of Thai rice manufacturers to strike the deal that will see a total of 150,000 tons of rice exported to the island administration.

This deal puts the Ministry of Commerce on track to achieve its target of doubling trade volume to 300,000 tons of rice to Hong Kong. Thailand has already exported 33,000 tons of rice worth 28 million dollars within the first two months of this year.

The ministry expects Thai rice exports to decline globally from 10 million tons last year tons to 9.5 million tons this year, due to drought crisis. The government will explore additional markets to ensure Thailand maintains its market share.


-- NNT 2016-04-11

Not sure I understand why the export level would drop because of drought when they

have so much rice in storage.

The ministry expects Thai rice exports to decline to 9.5 million tons this year

...because Commerce Minister Apiradee Tantraporn gave assurance that the annual target of 9.5 million tons will be achieved.
The decline was planned.

Excuse my ignorance but I would think that as the result of the Drought Crises in several countries, that Rice Exports would go up, as well as the price, from the Haves to the Have Not. No?