The rising baht and India's resumption of rice exports have hit Thai rice exporters hard.
India had imposed restrictions on rice exports, but they were lifted on September 28.
The Thai Rice Exporters Association (TREA) has called for urgent reforms to strengthen competitiveness in the global market.
TREA President Chookiat Ophaswongse said:
"India's return to the market, combined with the Thai currency hitting a 30-month high, has hurt the competitiveness of Thai rice exporters, reducing their revenues by 3 to 4 baht per dollar."
The baht traded at 32.37 per US dollar on September 30.
The wholesale price of Thai white rice (5%) has fallen sharply from 22 baht per kilo (22,000 baht per tonne) at the beginning of the year to 16-16.5 baht per kilo (16,000-16,500 baht per tonne).
The price drop also affected Thai paddy rice (25% moisture), with farmgate prices falling from 10,000 baht per tonne during India's export ban to just 8,000-9,000 baht as of September 30.
See also:
Thai rice exports to jump 25% in first half of 2024
Source: The Nation Thailand
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1 comment
The export of old Thai rice, stored in questionable conditions, has not had any impact on buyer confidence.