The p rice of exported rice from Thailand in 2014 is predicted not to increase due to a high rice stockpile that has put pressure on the country to maintain its current selling price, the Thailand National News Bureau (NNT) reported.

Somkiat Makyathorn, Chairman of Thai Rice Packers Association (TRPA), forecasts that the price of Thai rice in 2014 will be relatively similar to last year’s price. The cost of a 5kg bag will fluctuate between 100-110 baht.

The government’s speculation of rice has led to an oversupply and kept prices unchanged, according to the NNT.

In regard to Thailand’s rice exports, the Department of Foreign Trade (DFT) has projected that Thai rice exports this year will exceed eight million tonnes or a 19.8 percent increase due to rising demand in many countries.

DFT General Director Surasak Riengkhrua said the department had developed marketing plans for Thai rice in both old and new markets, especially in South Africa and Russia, and the plans will be submitted to the government for approval.

According to the DFT, as of December 16, 2013, Thailand exported 6.4 million tonnes of rice worth 4.2 billion USD, lower than the target of 8-8.5 million tonnes. The main reason behind the decrease is that the price of Thai rice is more expensive than that of its competitors.-VNA