Domestic, export rice prices fall

Domestic and export rice prices have fallen due to increased supply in the market, particularly from Vietnam. Chutima Bunyapraphasara, director-general of the Internal Trade Department, yesterday said domestic prices had gradually dropped by Bt300-Bt1,000 a tonne in March compared with February, due to lower demand. Vietnam, which is Thailand's major export competitor, has had higher production at 8 million-9 million tonnes during its winter-spring crop, while many importing countries are still delaying placing orders, she said. The Thai domestic price of jasmine rice was quoted at Bt13,500-Bt14,300 a tonne yesterday, down from Bt14,600 in February. Paddy white rice was traded at Bt8,500-Bt9,200 a tonne, against Bt9,565, due to high supply from second-crop production of 8.38 million tonnes. According to the Thai Rice Exporters Association, the price of jasmine rice is unchanged from last week, but the prices of other types of rice have dropped significantly. As of yesterday, jasmine rice was quoted at $998 a tonne and Pathum rice at $739 - down from $772 on March 24. Five-per-cent white rice was quoted at $486 a tonne, down from $502. In a bid to increase domestic prices, the Commerce Ministry has opened more points for direct purchases at reference prices from farmers. The ministry currently has 83 purchase points in 22 provinces.