Thai rice export plunges due to weak Euro

Published on February 25, 2013 by TFP   ·   No Comments

BANGKOK, 24 February 2013 (NNT) â€" Thailand's rice exports to European Union (EU) continue to decline due to the depreciation of the Euro and the higher prices of Thai rice.

Mr. Tikhumporn Natvaratat, Deputy Director-General of the Department of Foreign Trade, Commerce Ministry, revealed that Thai rice exports to the EU have been on a decline due to sluggish EU economic conditions and a weaker Euro. As a result, consumers in Eurozone have suffered a decrease in purchasing power.

Mr. Tikhumporn added that another factor causing the rice exports to drop is higher prices when compared with other countries, especially Cambodia which has enjoyed import tax privileges from the EU under the Generalized System of Preferences (GSP).

In spite of this, the Commerce Ministry will continue with its strategy to place more importance on export value more than volume while raising Thai rice prices to match with its superior quality.

The Department of Foreign Trade’s Deputy Director-General went on to say that the ministry has constantly been dispatching Thai Trade Representatives, which include members of both state and private sectors, to meet and negotiate with trading partners and to expand Thai rice export to more markets.

( Narumon Ngamsaithong)

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Article source: http://www.thethailandlinks.com/2013/02/25/thai-rice-export-plunges-due-to-weak-euro/