The Thai Rice Exporters Association expects the weakening baht to help Thailand meet its target of exporting 6 million tons of rice this year, though it only shipped 2.59 million tons in the first seven months.
Association president Charoen Laothammatas said exports began looking up after mid-year, with 419,578 tons, valued at 7.47 billion baht, being exported in July, up 7.6% and 4.9% respectively compared to June.
He said rice exports in July improved because the price of Thai rice dropped in line with market conditions and a weakening baht, which made it possible for Thailand to compete with key competitors like India.
Charoen added that the association expects August shipments to stand at 600,000 tons, especially since the price of Thai rice has dropped to match those of competitors. The demand for rice has also been consistently high in Africa, the Middle East and Asia. The export of white and parboiled rice is expected to stand between 600,000 and 700,000 tons per month until the end of the year, which will help achieve the 6-million-ton target. (NNT)