No Rice, No Life

March 31, 2008

Rice exports from Thailand rose 72 percent this year as the world faces a supply shortage of the commodity.

Thailand, the biggest exporter of the commodity exported 2.82 million tons of rice from January to March 21 compared to 1.64 million tons in the same period last year.

China, India, and Vietnam have already curb their exports in order to secure domestic supplies. The Philippines, plans to buy the commodity from an emergency regional stockpile and is taking supplies directly from the United States while Cambodia’s Prime Minister Hun Sen ordered a ban on rise exports to control rising prices at home.

Even though Thailand expects to increase its production and exports, expect the price of rice to spike.

Source: Bloomberg

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