Thailand Raises Rice Export Target for 2023 to 8.5 Million Metric Tons
Published on: November 15, 2023.
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Thailand Increases Rice Export Target Amidst Rising Vietnamese Rice Prices
Thailand is set to increase its rice export target for the year to 8.5 million metric tons, as stated by Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association. The rise in target comes as competitors like Vietnam see an increase in rice prices. Ophaswongse explained that countries such as the Philippines and Indonesia are turning to Thai rice due to the high prices of Vietnamese rice.
Currently, Thai rice sells for approximately $550 to $555 per metric ton, while Vietnamese rice is priced at around $630 per metric ton. Despite the increase in target, Thailand remains the world’s second-largest rice exporter, with India as the leading exporter. Initially, the government projected exports of 8 million tons.
The impact of the El Nino weather phenomenon on rice production in Thailand this year has been limited, according to Chookiat Ophaswongse. The upcoming 2023/24 season is anticipated to yield 33 to 34 million tons, marking a 2 million-ton increase from the previous year.
During the period of January to September, Thailand managed to sell 6.08 million tons of rice, recording a 12% year-on-year increase. However, Ophaswongse predicts a decline in Thai rice exports to 7.5 million tons next year, considering that India, the world’s top exporter, will ease its export ban.
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