World rice trade soars
The volume of rice traded around the world is expected to reach a new record figure of 29.2 million tonnes this year, due to high demand and low stockpiles, according says the Foreign Trade Department.
Director-general Apiradi Tantraporn said the world's total rice production was expected to fall 0.2 per cent to 415.3 million tonnes, while consumption would increase 1.1 per cent to 417.7 million tonnes. Stockpiles at the end of last year had fallen to a low level of 78.9 million tonnes. He said that as a result, world rice prices were rising. Another important factor affecting rice production this year is the drought effect of El Nino, which will lead importing countries to raise their demand. The Philippines, the world's biggest rice importer, is expected to seek 1.9 million tonnes. Indonesia will follow with a need for 1.8 million tonnes, Nigeria 1.7 million tonnes, Iraq 1.2 million tonnes and Iran 900,000 tonnes. Apiradi said rice production in major exporting countries like India, Vietnam and Pakistan would remain unchanged from last year but that consumption in those countries was expected to increase. In addition, drought problems in the US and Australia are expected to cause a sharp drop in their rice exports. The combination of these problems will see more rice importers seeking the grain from Thailand, Apiradi said. The Kingdom's rice exports this year should reach 8.5 million tonnes, while Vietnam is expected to export 4.9 million tonnes, India 4.3 million tonnes and the US 3.4 million tonnes. In the first two months of the year, Thailand's rice exports increased 0.9 per cent to 1.17 million tonnes. Thailand has been the world's biggest rice exporter for the past 27 years.
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