Thailand says no rice export halt, to benefit from India’s export ban
BANGKOK, Aug 7 (Reuters) – Thailand is benefiting from India’s rice export ban and has no reason to halt its own shipments as it has sufficient output for exports and domestic consumption, its commerce minister said on Monday.
India in late July ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world’s largest exporter of the grain, triggering fears of further inflation on global food markets.
The Indian ban provides an opportunity for Thai rice producers, especially in Africa which consumes large volumes of rice from India, minister Jurin Laksanawisit told a press briefing.
“With India’s export ban, global prices rise as volumes drop … farmers can sell paddy rice at higher prices,” he said.
But global prices are volatile and the government will closely monitor the situation, he added.
Thailand, the world’s second-largest rice exporter, is expected to export more than 8 million metric tons of rice this year, Charoen Laothamatas, president of the Thai Rice Exporters Association, told the briefing.
In the first seven months, Thailand shipped 4.8 million metric tons, he said, with monthly exports of 700,000 to 800,000 tons. Last year’s rice exports were 7.71 million tons.
“The world market is very turbulent because of speculation in every market, affecting countries that do not have stocks in hand,” he said.
Thai rice export prices might increase by 20% after the Indian ban, Charoen said.
Exporters were reluctant to quote prices while waiting for more clarity and were likely to halt shipments for a time, said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association.
