This dry period affects seed germination and rice grain formation, leading to an overall reduction in rice production. Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said lower production is expected to affect rice exports, particularly for white rice and parboiled rice for which demand from importing nations remains strong. According to Mr Chookiat, India's recent announcement that it will ban the export of non-basmati white rice with immediate effect, resulting in a decrease in the availability of white rice in the market, would impact the global rice industry. Additionally, the current price situation for unmilled rice is high, especially for white rice paddy, which motivates farmers to keep cultivating rice consistently. Meanwhile, global rice consumption is projected to reach 521.3 million tonnes in 2023 and 523.9 million tonnes in 2024, up from 518.6 million tonnes in 2022, with the global rice trade estimated at 55.6 million tonnes in 2023 and 56.3 million tonnes in 2024, compared with 56.1 million tonnes in 2022.

Source: Bangkok Post August 04, 2023 02:04 UTC