Thai rice exports prediction rises amid high global prices
Thailand is now aiming to export 8.5 million metric tonnes of rice this year, an increase from their initial projection, as reported by Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association. The decision comes as rice prices escalate in competing nations such as Vietnam.
Chookiat informed that due to the high cost of Vietnamese rice, countries including the Philippines, and Indonesia are augmenting their orders of Thai rice. The current going rate for Thai rice stands between US$550 and US$555 per metric tonne, whereas Vietnamese rice is priced around US$630.
Thailand holds the status of the world’s second-largest rice exporter, with India leading the pack. Originally, the Thai government had predicted rice exports of 8 million tonnes for this year.
According to Chookiat, the El Nino weather pattern has only marginally affected Thailand’s rice production this year. The 2023/24 season is anticipated to produce 33 to 34 million tons, an increase of 2 million tonnes compared to the previous year.
Between January and September, Thailand managed to sell 6.08 million tonnes of rice, a 12% increase year-on-year. Despite this, Chookiat predicts a drop in Thai rice exports to 7.5 million tonnes next year, in light of India, the world’s top exporter, planning to ease its export ban.
In related news, the Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon.
Deputy Secretary-General of the Agricultural Economics Department, Tantita Bunyamaneekul, reported a reduction in the country’s rice cultivation area for the 2023-24 crop year, which totalled 62.4 million rai. This is a reduction of 602,000 rai or 0.96% from the previous year. The harvest area is projected to be around 59.6 million rai, down 316,000 rai or 0.53% from the previous year. To read more click HERE
