Thailand expects to export 8.2 million tonnes of rice this year, up from a previous forecast of 7.5 million, helped by demand from major markets, expected higher production, and a weak baht, the Ministry of Commerce said on Tuesday.
The increased rice export projection, however, would still be 6.5% lower than last year’s total.
Farmers plant rice seedlings in Phimai district of Nakhon Ratchasima. (Photo: Prasit Tangprasert)
Rice exports from Thailand, the world’s second-largest shipper of grain, were 5.08 million tonnes in the first half of 2024, up 25% from a year earlier, the ministry said in a statement.
Rice shipments have been supported by demand from main markets, including Indonesia and the Philippines, and a weak baht, the ministry said.
“Rice importers want to import rice for consumption and to keep them as stock for food security,” it said.
The Philippines and Indonesia should continue to import rice to alleviate the impact of inflation and drought, the ministry said.
Rice production in 2024 is expected to increase by 5.75% from last year, Ronnarong Phoolpipat, director-general of the Foreign Trade Department, said in a briefing.
The ministry said it expected higher rice production in the last quarter of the year as the impact of the El Nino weather phenomenon has subsided.
In 2023, rice exports from Thailand rose 13.7% year-on-year to 8.77 million tonnes, beating a target of 8 million.
Source: Bangkok Post
