Thai rice prices fell to their lowest in over a year as bidders were forced to reduce their high prices in a recent auction held by Indonesia, while Indian rice export prices extended losses this week to hit an eight-month low.
Thai rice prices hit one-year low (Photo: bangkokpost.com)
Bangkok (VNA) - Thai rice prices fell to their lowest in over a year as bidders were forced to reduce t𝔉heir high prices in a recent auction held by Indonesia, while Indian rice export prices extended losses this week to hit an eight-month low.
Thai 5% broken rice fell to the range of 550 USD to 565 USD per tonne this week, the lowest since July 20, 2023, down from 585 USD quoted last week. The market still sees Thai prices as too high, said a Bangkok-based trader. But flash floods have been hurting short-term harvest yields, so prices can improve down the road.
Another trader said prices were weighed down by competitors and that Thai bidders lost out to other exporters in a recent auction held by Indonesia due to higher prices.
There will be demand from African and European customers before October because those orders would be delivered before late December, the trader said.
Indian 5% broken parboiled rice was quoted at 534 USD per tonne this week, the lowest since mid-January, and down from the 540 USD a week earlier.
Meanwhile, Vietnamese 5% broken rice was offered at 567 USD per tonne on September 12, down from 575 USD a week ago, according to the Vietnam Food Association.
A trader based in Ho Chi Minh City revealed that trading activity remains slow while demand is weak.
Traders said the ongoing floods in northern Vietnam might have an impact on rice production, though rice for export is mostly grown in the Mekong Delta in the south./.
Thailand expects to export 8.2 million tonnes of rice this year, up from a previous forecast of 7.5 million, helped by demand from major markets and a weakening THB, according to the country’s Commerce Ministry.
Thailand's rice exports in the first five months of 2024 increased 16.5% year on year to nearly 4.06 million tonnes worth 94.6 billion THB (2.6 billion USD), but exports in the third quarter are expected to drop as compared to the first half of 2024, said President of the Thai Rice Exporters Association (TREA) Charoen Laothamatas.
Thailand’s cabinet has approved a budget of 29.9 billion THB (810 million USD) to assist farmers with fertiliser costs, expected to increase rice production by 10% in this harvest season, reported local media.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
