Yeo warns of rice shortage but allays fears of price increase
SIBU: The disruption of rice production from Vietnam and India, two major exporters of rice in Asia, because of the Covid-19 pandemic has prompted rice importers and wholesalers to stock up.
Chairman of Sibu Rice Wholesalers Association (SRWA) Yeo Keng Teck sounded the alarm bells over the impending shortage of the staple commodity yesterday.
“This caused the price of rice to soar to record high. The prices of rice from Vietnam and India are rising, causing importers to source for rice from Thailand,” he pointed out in his address at SRWA’s annual general meeting held at the premises of Sibu General Chinese Chamber of Commerce and Industry on Friday evening.
Yeo pointed out the production of rice in Asia amounts to 90 per cent globally and India has stopped signing export contracts because its rice planting workforce has been badly affected the Covid-19 pandemic.
“This is a situation we dread to see but we believe we can cope with the situation as rice production in our country will remain stable at least until December and any increase in the prices of rice is expected to be within the range of five per cent. So, there is no need to panic” he said.
He added the Covid-19 pandemic has severely impacted the global economy and the road to recovery will be long rough.
“We cannot go back to where we were. In the post Covid-19 era, the situation in the world will change.
“Entrepreneurship will become delicate. We must quickly adapt to the changing patterns to create an era of new commercial stability,” he said.