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Thailand’s export prices fell a further one percent as the Thai baht continues to weaken.

India, the world’s largest rice exporter, disrupted global rice markets by banning white rice exports in July 2023, before placing an export tax on parboiled rice exports in August 2023.

Thailand’s domestic and export prices dropped 1-3 percent in response to reduced demand and a further weakening of the Thai baht.

Thailand’s domestic and export prices grew 1-3 percent as demand for Thai rice surges in response to rice export bans by India and Burma.

FAS Bangkok estimates Thailand’s chicken meat production to marginally increase in 2023 amid a surge in exports, a slow recovery in the tourism sector and high feed costs.

Hong Kong reopened its borders to the world in late 2022, and with mainland China in early 2023. The slow return of inbound tourism has positively improved the situation of the local hospitality and food service sectors.

Reflecting strong demand for Thai rice, domestic and export prices grew 1-3 percent this week.

Post lowered MY2023/24 rice production estimate to 19.6 MMT due to water supply concerns.

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Export prices further decreased 3-4 percent as downward price pressure from new supplies of MY2022/23 off-season rice offset the strengthening of the Thai baht.

Export prices decreased 1-2 percent due to the Thai baht hitting the lowest point in a month.

Bite size local news, Post reports and activity summaries wrapped by ATO Hong Kong. In this issue: Alaska Seafood and ATO Reconnect with Hong Kong Traders