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Strong baht to depress 2018 exports

Strong baht to depress 2018 exports

BANGKOK: Thailand’s rice exports are expected to ease this year from an expected record high of 11.2-11.3 million tonnes in 2017 because of rising global demand and the competitiveness of the local grain, says the Thai Rice Exporters Association.

President Charoen Laothammatas said the association forecast Thailand’s rice exports to dip to 9.5 million tonnes this year because of depleted state rice stocks and lower Thai hom mali fragrant rice output because of heavy rains in many areas. The Agriculture Ministry projects rice production for the 2018 season at 30 million tonnes of paddy rice or 22-23 million tonnes of milled rice, equivalent to last season. The strong baht will hurt Thai hom mali rice the most because supply is generally limited, making the premium grain more expensive than similar rice from other countries, he said. As of Dec 27, 2017,

Thai hom mali rice was quoted at US$993 a tonne, while aromatic rice from Vietnam was quoted at $600 a tonne and Cambodian aromatic rice sold for $800. Based on the sharp baht appreciation, Thai hom mali rice is now quoted at about copy,000 per tonne. Mr Charoen is confident Thailand shipped 11.2-11.3 million tonnes last year, setting a record high for rice exports. The volume was up from 9.90 million tones Mr Charoen is confident Thailand shipped 11.2-11.3 million tonnes last year, setting a record high for rice exports. The volume was up from 9.90 million tonnes in 2016.