The international rice market has been stable so far, with global rice prices increasing only slightly. – Photos: The StarEven before the Covid-19 pandemic, world food prices were on the rise thanks to the impacts of climate change and regional conflicts/migration. The pandemic further disrupted food supply chains, and loss of income and employment reduced accessibility to, and affordability of, foods for many low-income populations.
The international rice market has been stable so far, with global rice prices increasing only slightly. But on May 27, the Thai and Vietnamese governments announced they are planning to raise rice prices in the domestic market. Thailand and Vietnam are the world's second- and third-largest rice exporters, accounting for nearly half of the global rice exports, enough to influence the global rice market.
If other major rice exporters such as India and Cambodia follow the example of Thailand and Vietnam, let alone going further and restricting rice exports, we could see a repeat of the 2007-08 crisis, and many poor people for whom rice is a staple in rice-importing countries such as the Philippines, Indonesia and some Middle East states may face hunger.We hope global rice prices remain stable as global supplies are plentiful, with global rice harvests expected to hit a record high in 2023.
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