The Associated Press
DA NANG, Vietnam: Thailand, the world's largest rice exporter, has no plans to restrict exports of the grain, the country's finance minister said Friday.
"We don't want to abuse or to artificially influence the market," Surapong Suebwonglee said on the sidelines of a conference of Southeast Asian finance ministers in Vietnam. "For the rice market in Thailand we try to follow (the rules of) supply and demand."
There has been speculation in rice markets that Thailand — like neighbors Cambodia and Vietnam — would act to boost its domestic supply of rice. Rice prices on world markets have jumped 50 percent in the past two months and at least doubled since 2004. Experts blame rising fuel and fertilizer expenses as well as crops curtailed by disease, pests and climate change.
There are concerns prices could rise a further 40 percent in coming months. Vietnam said at the end of March that it will cut rice exports by 1 million tons this year as part of the government's efforts to rein in soaring inflation and ensure food security. Cambodia ordered a ban on exports to curb rising prices in its domestic market.
Surapong's comments echo a recent statement by the Thai Commerce Minister that Thailand won't ban rice exports.
Separately, Prasert Gosalvitra, head of the rice division at Thailand's Ministry of Agriculture, told Dow Jones Newswires in Singapore that the country has 2.13 million metric tons of the grain in stock, which would cover consumption for three months.
Prasert said high prices in the international market have benefited farmers and the government will let market forces determine the value of exports.
Thailand's commerce ministry has forecast a minimum export volume of 8.5 million tons of rice in 2008. Exports totaled 9.7 million tons last year.
"We don't want to abuse or to artificially influence the market," Surapong Suebwonglee said on the sidelines of a conference of Southeast Asian finance ministers in Vietnam. "For the rice market in Thailand we try to follow (the rules of) supply and demand."
There has been speculation in rice markets that Thailand — like neighbors Cambodia and Vietnam — would act to boost its domestic supply of rice. Rice prices on world markets have jumped 50 percent in the past two months and at least doubled since 2004. Experts blame rising fuel and fertilizer expenses as well as crops curtailed by disease, pests and climate change.
There are concerns prices could rise a further 40 percent in coming months. Vietnam said at the end of March that it will cut rice exports by 1 million tons this year as part of the government's efforts to rein in soaring inflation and ensure food security. Cambodia ordered a ban on exports to curb rising prices in its domestic market.
Surapong's comments echo a recent statement by the Thai Commerce Minister that Thailand won't ban rice exports.
Separately, Prasert Gosalvitra, head of the rice division at Thailand's Ministry of Agriculture, told Dow Jones Newswires in Singapore that the country has 2.13 million metric tons of the grain in stock, which would cover consumption for three months.
Prasert said high prices in the international market have benefited farmers and the government will let market forces determine the value of exports.
Thailand's commerce ministry has forecast a minimum export volume of 8.5 million tons of rice in 2008. Exports totaled 9.7 million tons last year.
