Commerce Ministry set to revise exports expectation

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BANGKOK, July 2015 – The Ministry of Commerce is set to adjust the 2015 exports projection due to the global economy’s uncertain recovery, and has ordered the DFT to communicate with private companies on the release of in-stock rice.

The Minister of Commerce Gen Chatchai Sarikulya has revealed that the Ministry will be revising this year’s exports growth projection down from previous forecast at at 1.2 percent, as Thai exports are still overshadowed by the uncertainty of the global economy. New projections will be concluded by next week.

Regarding the government’s release of in-stock rice, the Commerce Minister has said that the Department of Foreign Trade (DFT) has been ordered to communicate with the millers associations and exporters to discuss the plan’s scope, in order to push the total exports of Thai rice this year over 10 million tons.

The principles for the release of 400-500 thousand tons of good quality rice will be announced next week, while the ministry is also compiling the principles for the release of another 1.29 million tons of poor quality rice to the industrial sector.

Regarding claims by rice exporters stating that the purchasing price of rice in the market that should be higher than the current price, the Minister of Commerce has said that the Department of Foreign Trade has been ordered to verify factual information on this matter, but he believes that the current price of 9,000 baht per ton is the proper price, in line with market mechanisms.

He said that the price of rice will continue to increase, but much of this depends on the market’s demand and supply.