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by Kong See Hoh, The Sun The prices of rice imported from Thailand and Vietnam are expected to drop soon following a 30% price slide in global rice markets.
Malaysia Dry Foodstuff Importer and Exporter Association president Datuk Chuah Poh Khiang told Nanyang Siang Pau the sales of imported rice were exceptionally sluggish ever since the 100% hike in prices several weeks ago. He believed this was partly because consumers have switched to cheaper local rice or have stocked up on the item during the rush prior to the price hike. He disclosed that the global rice markets have turned bearish with prices dropping some 30% lately. He added that consumers' switch from imported rice to local varieties also resulted in the recent shortage of local rice, notably the Super local rice with 15% broken grains. However, the supply will return to normal with an expected bumper harvest of local grains in the next two months, he said. "I believe sales of imported rice will remain sluggish for some time to come unless the prices come down," he said. State rice monopoly Bernas said yesterday the government should not enter bearish global rice markets now to stock up on supplies as large orders risk sustaining or boosting prices.
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