Rice and shine: Thailand sets sights on 8 million tonnes export mark

Photo Courtesy of thairiceandfoods.com.

The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%.

This upswing in rice exports aligns with the rising concerns over drought triggered by the El Niño weather phenomenon, India’s embargo on non-basmati white rice exports, China’s falling rice production, and the increasing eagerness of several countries to import rice to safeguard food security. The competitive value of the baht has also played a role. Phoolpipat said…

“Given the current trends in rice export, we anticipate an ongoing rise in shipments as the demand for Thai rice escalates. Numerous countries have shown interest in purchasing Thai rice, especially the Philippines, Malaysia, Indonesia, and Japan.”

Phoolpipat mentioned that the Philippines recently approached them for potential Thai rice purchase discussions, possibly concluding in September. Indonesia and Malaysia also expressed interest, while Japan confirmed intention, pending quality assurance.

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Trips to the Philippines, Malaysia, Indonesia, and Japan increased confidence in Thailand’s reliable rice exports. India’s non-basmati white rice export ban won’t affect Thailand’s exports, Phoolpipat assured.

India’s ban from July 20 affected the global rice market, raising prices. Yet, no supply shortage is anticipated as India allows exports to specific countries for food security. Recently, Singapore, Bhutan, and Mauritius bought rice from India. Phoolpipat added…

“Thailand is well-positioned to enhance its exports as many countries are interested in our grains, and the price trend is on the upswing. The price of 5% white rice as of August 29 was quoted at US$620 (21,700 baht) per tonne, up from US$574 per tonne year-on-year. This marks a significant rise from an average of US$437 a tonne for the entire year of 2022.”

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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