Grain expectations: Thailand ‘rices’ to occasion with export boost
Thailand is on track to bolster its rice exports to 9 million tonnes this year, potentially generating 230 billion baht (US$6.4 billion), according to the Commerce Ministry. This optimistic projection follows the country’s successful export of 7.45 million tonnes in the first nine months, already yielding 172 billion baht (US$4.95 billion) in revenue. This marks a notable year-on-year increase of 22% in volume and 45.8% in value.
The confidence in reaching the 9 million tonne target is shared by the Foreign Trade Department and the Thai Rice Exporters Association. They attribute this growth to heightened demand from key markets, including Indonesia, Iraq, and the United States, said Commerce Minister Pichai Naripthaphan.
“Rice importers want it for consumption and to keep as stock for food security against drought and inflation.”
Indonesia has emerged as the largest importer of Thai rice this year, purchasing 1,092,128 tonnes, representing 14.7% of total exports. Iraq follows with 907,715 tonnes (12.2%), the US with 609,430 tonnes (8.18%), South Africa with 580,288 tonnes (7.79%), and the Philippines with 399,493 tonnes (5.36%).
As the end of the year approaches, the demand for Thai rice is expected to remain robust, driven by the upcoming harvest and preparations for festive seasons like Christmas and new year. Pichai has directed the Foreign Trade Department to keep a close eye on global rice trade dynamics and devise strategies to both retain existing markets such as South Africa, the US, China, Japan, the Philippines, and Singapore and penetrate new ones like Europe, Canada, and the Middle East.
A significant initiative for the remainder of the year is the Thailand Rice Convention 2024, an international forum intended to facilitate market information exchange and advance business negotiations within the global rice industry, reported Bangkok Post.
In a significant achievement, Thailand’s rice exports reached 8.8 million tonnes in 2023, surpassing the initial target of 8 million tonnes. This resulted in an export value of 178 billion baht (US$5.14 billion), reflecting an increase of 13.6% in quantity and 28.4% in value from the previous year.
