Global Rice Prices Boost Thai Rice Exports Forecast
Published on: November 15, 2023.
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Thailand Aims to Increase Rice Exports to 8.5 Million Metric Tonnes
Published on December 1, 2022
Thailand has set its sights on exporting 8.5 million metric tonnes of rice this year, surpassing its initial projection, according to Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association. The decision to increase exports comes amid rising rice prices in competing nations like Vietnam.
Chookiat stated that countries like the Philippines and Indonesia are increasing their orders of Thai rice due to the high cost of Vietnamese rice. Currently, Thai rice is priced between US$550 and US$555 per metric tonne, while Vietnamese rice is priced around US$630.
As the world’s second-largest rice exporter, Thailand originally predicted rice exports of 8 million tonnes for this year, with India leading the pack.
Chookiat mentioned that the El Nino weather pattern has had only a minor impact on Thailand’s rice production this year. The 2023/24 season is expected to yield 33 to 34 million tonnes, an increase of 2 million tonnes compared to the previous year.
Between January and September, Thailand sold 6.08 million tonnes of rice, marking a 12% increase year-on-year. However, Chookiat predicts a decline in Thai rice exports to 7.5 million tonnes next year due to an export ban by India, the world’s top exporter.
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Thailand Predicts Decline in Rice Production for 2023-24 Harvest Season
Published on December 1, 2022
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand has forecasted a decline in rice production for the upcoming 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, bringing the total to 25.8 million tonnes. This significant decrease is mainly attributed to the effects of the El Nino weather phenomenon.
Tantita Bunyamaneekul, the Deputy Secretary-General of the Agricultural Economics Department, reported a reduction in the country’s rice cultivation area for the 2023-24 crop year, totaling 62.4 million rai. This represents a decrease of 602,000 rai or 0.96% compared to the previous year. The projected harvest area is around 59.6 million rai, which is down by 316,000 rai or 0.53% from the previous year.
Read more: Thailand Rice Production Forecast
