As per the sources, it has been quoted by the Thai Commerce Minister that the government of Thailand is expecting earnings from the 2015 rice exports to decline to around $4.85 billion compared to the targeted $5.1 billion. Further, it has been indicated that the government is hopeful of achieving the 10 million ton rice export target this year. She noted that the Ministry set a target of exporting 10 million tons worth $5.1 billion. In addition, it has also noted that the actual exports to reach 10 million tons of worth $4.85 billion and thus, the fall in earnings can be attributed to a decline in export rice prices. In Last Year, prices of Thai 100% B rice fell about 16% to around $355 per ton compared to around $425.
Further, in this regard she also noted that due to extending drought conditions, anticipated low oil and commodity prices and weak purchasing power of importing countries rice exports would face many challenges in 2016. Due to this, the Thai government was pursuing new rice deals with many countries including China, Indonesia, Philippines, South Africa, Iraq and Iran. Therefore, the Ministry set an export target of 9 million tons worth $4.78 billion. Further, it also reported estimates that next year it wants to expand premium rice shipments into high-purchasing-power markets such as Hong Kong, Singapore and Japan. The Thai government is still facing the challenge of selling 13 million tons of stockpiled rice and it aims to clear the stocks over the next two years.