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Friday, July 12, 2024

Thai Rice Exports Surge Amid Higher Middle East Demand

Prices of rice exported from Thailand rose last week on increased demand from Middle Eastern markets, while Indian and Vietnamese rates were unchanged.

Thailand’s 5% broken rice prices were quoted at US$432-435 per ton, up from $410-414 last week.

A Bangkok-based trader said, “There has been an uptick in demand from markets like Iraq and Iran and also due to improved relations with Saudi Arabia.”

Traders said freighter costs, a major challenge for Thai rice export, have also been sidestepped because Middle Eastern buyers have sent their own freight for rice purchases.

They added that a weaker baht against the U.S. dollar also contributed to the rise in rice prices this week.

Top exporter India’s 5% broken parboiled variety was quoted at $361-365 per ton, unchanged from the last week.

Vietnam’s 5% broken rice was offered at $415 per ton on Thursday (28 Apr), unchanged from last week.

Meanwhile, the government in Bangladesh raised the price it will pay to farmers for the current season’s rice to 40 taka ($0.48) a kilogram, up from 36 taka a year ago, food minister Sadhan Chandra Majumder said.

Managni Sarmah
Author: Managni Sarmah

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