Thailand’s rice prices forecast to rise 5 percent in Q2
Thai rice prices are expected to increase by 5 percent in the second quarter, pushed up by the Russia-Ukraine conflict’s effect on surging global commodity prices, said veteran trader Chookiat Ophaswongse.
Thai rice prices are expected to increase by 5 percent in the second quarter. (Photo: Bangkok Post)
Bangkok (VNA) - Thai rice prices are expectedto increase by 5 percent in the second quarter, pushed up by the Russia-Ukraineconflict’s effect on surging global commodity prices, said veteran traderChookiat Ophaswongse.
Chookiat, honorary president of the Thai RiceExporters Association, said there was growing concern about a wheat shortage asRussia and Ukraine are the main producers of the crop, while rising oil pricesare likely to drive up overall commodity prices.
Thai rice is expected to see just a 5 percent increasein prices in the second quarter because there are relatively high rice stocksin India, while rice production is expected to increase this year both inVietnam and Thailand, said Chookiat.
For the 2021/2022 harvest season, the association saidwidespread drought is unlikely this year, as happened two years ago. Given theample water supply, second-crop rice production is also expected to increase.
He said the war is unlikely to affect Thailand’soverall rice exports because shipments to Russia and Ukraine stood at only6,000 tonnes and 3,000 tonnes, respectively, last year.
It is fortunate export markets in the Middle East, suchas Iraq, Iran and Saudi Arabia, will be back this year, Chookiat said, addingthat these countries are net rice importers with a combined million tonnes eachyear.
The association projects exports rising 14.8 percentthis year to 7 million tonnes, driven by ample water supply. Higher demand islikely thanks to a global economic recovery and a favourable exchange rate./.
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Thai rice prices are expected to increase by 5 percent in the second quarter. (Photo: Bangkok Post) 
