Commerce Ministry: 5 global rice traders to push price up by 10%

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BANGKOK, 23 August 2012  – The Thai Commerce Ministry has claimed that the world’s leading rice trading countries are poised to collaborate in pushing the price up by 10 percent. 

Permanent Secretary to Commerce Yanyong Phuangrach revealed on Wednesday that that the commerce ministers from Thailand, Vietnam, Cambodia, Myanmar and Laos will hold a meeting during the months of October and November to discuss ASEAN’s rice trading system.

All are known as leading rice-exporting nations, with the combined annual export supply of 20 million tons from the world’s total rice exports of 30 million tons.

Mr. Yanyong said that, at the meeting, Thailand will continue to play the role of the price leader and to raise the issue of ASEAN Free Trade Area for rice, which is set to be designated along the border areas.

He stated that the collaboration of the 5 countries will help boost the price of rice in the global market by 10 percent each year.

The Permanent Secretary to Commerce cited a report by the US Agriculture Department in suggesting that the world’s demand for rice in 2012 will stand at around 467 million tons, slightly more than the total production capacity of 465 million tons.

He said that Thailand should try to sell more rice during the remainder of this year before the price goes down.

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