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.

Comments (10)

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written by cllim123, June 24, 2008 18:29:33

Ha ha, our Malaysian gormen just bought some 500 tonnes of rice from Thailand at premium RM. Malaysia boleh!

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written by cllim123, June 24, 2008 18:31:02

Datuk Chuah Poh Khian... hmm. Is he related to Puah Chu Kang?

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written by Malaysia Digest, June 24, 2008 18:42:35

Government ministry and official don't really know know to do their job to avert shortage in supply.

China with almost 2 BILLION population does not have problem with rice supply. Malaysia with only 25 million population almost have a crisis with rice supply. DID YOU KNOW that a city in China have a population of over 20 million ? That's like putting every Malaysian in one city.
Malaysia Digest

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written by cwy, June 24, 2008 19:07:50

Alhamdulillah! ( Hope this word is not bannad for non-Muslims )

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written by Dominic, June 24, 2008 19:17:24

Ya, prices have to drop as gobal market dictate demand and prices. Bernas cannot afford to hoard too long as this is a perishable item . If its oil, you think you get this deal just like that. No way !!!

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written by sarawakian, June 24, 2008 19:17:33

people should really go back to basics and look into supply and demand. if Malaysians (and everyone else who consumes rice) learn to reduce wastage and cut down consumption, we can all reduce the price of rice.

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written by wisdomguy, June 24, 2008 21:31:47

If our local rice demand is high,then the government will raise the price very soon because the global rice price won't drop further unless the oil price drop.

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written by Daryl, June 24, 2008 22:52:38

Alhamdulillah (الحمد لله) is an Arabic phrase meaning "Praise to God" or "All praise belongs to God," similar to the Hebrew phrase Halelu Yah. In everyday speech it simply means "Thank God!" It is used by Muslims and also by Arabic-speaking Jews and Christians, but primarily by Muslims due to centrality of this specific phrase within the texts of the Quran and the speech/sayings of Muhammad.

CWY. Look at the meaning of that word in Wikipedia. It is in Arabic and means "Praise the Lord" and it is being used by Muslim, Jews and Christian alike. Maybe more significant use by Muslim but should not be ban for use by others. But, in Boleh Land anything can happen.

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written by Maverick 126, June 24, 2008 23:51:58

I like that Datuk Puah Chu Kang.......ha...ha.

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written by Rundukon, June 25, 2008 08:07:58

I wondered which variety of rice that went down in prices. If its the RM4.80 per kilo type then its of no consolation to most Malaysians. What we need is the RM1.80 per kilo variety to come down or at least to be readily available in the market.

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