Thai rice exports face pressure as India lifts export ban

Thai rice exporters are bracing for increased competition as India's decision to lift its export restrictions threatens to drive down global prices, the Rice Exporters Association of Thailand has warned. Despite the looming challenges, October exports are expected to reach at least 700,000 tonnes, according to Lt Col Charoen Laothamatas, the association's president. This robust forecast is driven by strong demand from African importers stocking up for the Christmas and New Year periods, alongside existing delivery contracts with major Asian markets including the Philippines and Japan. The association reports continued steady demand for Thai Hom Mali (jasmine) rice from traditional markets such as the United States, Canada, Hong Kong and Singapore. However, the market landscape is set to shift dramatically after India's removal of both export taxes and minimum export price requirements, allowing Indian exporters to operate without restrictions. Strong Performance in Early 2024 ...