Thai rice for sale at a market in Bangkok (Photo: AFP/VNA)

Bangkok (VNA/NNT) - The Thai Rice Exporters Association has revealed that the price of Thai rice has reached 425 USD per tonne, due to the decreasing supply of rice on the global market. 

Honorary President of Thai Rice Export Association, Chukiat Opaswong said on May 30 that prices of rice worldwide have been increasing as global rice supplies are declining.

Thailand has been able to raise the price from 365 dollars to 425 dollars per ton over the past two months.

Even though Vietnamese rice is sold at a price of 45 USD cheaper, demand for Thai rice continues to grow especially in Iraq, Iran and African countries.

Chief Executive Officer of the Rice Trader Ltd Jeremy Swinger expressed his belief that the price of Thai rice would not decline because of the stable demand. The price is even likely to go up by another 20 USD in the next three months.

Despite the growing demand, Thai rice exports to Hong Kong have declined. Kenneth Chan, Chairman of the Hong Kong Rice Merchants Association, has suggested Thailand do more to promote Jasmine rice among Chinese consumers because Jasmine rice is generally more popular than other strains.-VNA/NNT