Thailand poised to overtake India in rice export

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BANGKOK, 29 November – The International Rice Research Institute (IRRI) has said Thailand could soon overtake India as the world’s largest rice exporter.

Bloomberg reported that the IRRI forecast Thailand will surpass India as the world’s largest rice exporter as the country accelerates sales from state stockpiles. However, the IRRI said the U.S. Department of Agriculture expects rice prices in the global market to fall because of large stockpiles, explaining that Thailand will be forced to sell its rice at lower prices. Senior Economist Samarendu Mohanty said Indian rice exports decreased to 7 million tons during the first 9 months of this year.

According to the Department of Foreign Trade, Thailand plans to export 8.5 million tons of rice next year, compared to 7.3 million tons this year.

The Kingdom is also expected to have 12.1 million tons of rice in its stock by the end of the 2012/2013 season.

By RADIO THAILAND & INSIGHT INFO