Thai government profits from increasing Philippine rice imports
As the Philippines’ demand for rice imports swells, the Thai government is capitalising on this increasing requirement.
The Southeast Asian country is set to import more rice this year than previously estimated, providing a lucrative opportunity for Thailand’s rice export market.
Commerce Minister Phumtham Wechayachai has thus instructed the Department of Foreign Trade (DFT) and the commercial attaché in the Philippines to negotiate a deal to intensify the sale of Thai rice, which is known for its competitive pricing and superior quality.
In an effort to explore global trade opportunities for Thai entrepreneurs, Minister Wechayachai recently tasked the DFT and commercial attachés worldwide. The US Department of Agriculture’s Foreign Agricultural Service anticipates the Philippines to import approximately 4.1 million tonnes of rice this year.
This figure represents an increase of roughly 200,000 tonnes or 5.1% from its February estimate of 3.9 million tonnes. It is thought that this rise is due to smaller harvests from local farms. If these predictions hold, this would mean a 14% rise compared to the 3.6 million tonnes of rice imported by the Philippines in 2023.
Contrary to the anticipated global rise in rice output to 515.4 million tonnes, primarily due to an expected larger crop from India, the agency revised its milled rice production forecast for the Philippines. They adjusted it down to 12.3 million tonnes from an earlier estimate of 12.5 million tonnes.
Last year, Vietnam was the primary source of the Philippine’s rice imports, accounting for 82%. The remainder was sourced from Thailand, Myanmar, Pakistan, and India, among others. Minister Wechayachai has directed concerned agencies to expedite the development of new commercial rice varieties, particularly those high in amylose content favoured by the Philippines.
This is part of an effort to regain market share for Thai rice producers, reported Bangkok Post.
In related news, the Thai government launched 300,000 baht loans for self-employed, In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance.
