The Food and Agriculture Organization (FAO) said Thailand’s rice exports are set to recover following the end of the controversial rice-pledging scheme.

The FAO’s outlook report indicated that the nation can become the world’s second biggest rice exporter within this year, as it is poised to export 8.7 million metric tons of rice. The number closely followed that of India, which is set to export 9.5 million metric tons.

Thailand lost its title as the world's number one rice exporter in 2012 because of the government's rice pledging program, which purchased the grains at above-market prices. The program also left Thailand with huge stockpiles of rice and debts, and contributed to the political turmoil.

The FAO also predicted a 2% drop in rice planting and production in Thailand this year because of falling prices. Production in the region as a whole will drop marginally by 0.5%. 

Source: National News Bureau & Public Relations