Global Rice News

Thai Rice Exports Rise in November, Fall Short of Forecast

In November, Thailand’s exports experienced a slower pace of growth, falling short of analysts’ expectations, despite a significant surge in rice shipments. The country’s commerce ministry announced on Monday that full-year exports would likely see a small decline before rebounding in 2024.

According to customs-based exports data, a crucial factor in Thailand’s economy, exports in November were up by 4.9% compared to the same period last year. However, this figure fell short of the predicted 6.3% increase as forecasted by a Reuters poll. October had seen an 8% growth in exports.

Thailand’s exports were driven by higher shipments of agricultural products and electronic goods, which benefitted from advance orders for the upcoming festive season at year-end, according to a statement released by the ministry.

While December is expected to bring further growth in shipments, the ministry’s permanent secretary, Keerati Rushchano, stated that there is a projected decline of less than 1.5% for the overall year. Rushchano anticipates that exports may be negative this year, but estimates a rise of about 2% in the coming year.

Keerati warned of a potential impact on Thai exports in January if attacks by Yemen’s Houthi militants on ships in the Red Sea persist.

Agricultural product exports experienced a year-on-year increase of 7.7% in November. Notably, rice shipments surged by 41.8%, reaching a total of 1 million metric tons, with the value experiencing a 68% increase. On the other hand, auto shipments contracted despite an increase in computer exports.

The surge in rice exports can be attributed to concerns over food insecurity, according to Keerati.

As for specific export destinations, shipments to the United States rose by 17.5%, while those to Japan increased by 4.3%. In contrast, exports to China fell by 3.9%.

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