Thailand's rice exports rose 21.97% in the first seven months of 2024 compared to a year earlier, driven by rising global demand as rice-importing countries seek to secure stocks amid food security concerns.
Farmers harvest rice in a field in Ayutthaya province of Thailand. (Photo: AFP/VNA)
Hanoi (VNA) ♛- Thailand's rice exports rose 21.97% in the first seven months of 2024 compared to a year earlier, driven by rising global demand as rice-importing countries seek to secure stocks amid food security concerns.
Statistics from the Thai Ministry of Commerce showed that the Southeast Asian country shipped out 5.68 million tonnes of rice worth 132.4 billion THB (about 3.7 billion USD) during the January-July period, representing a 50.97% jump in export value year-on-year.
Thai rice shipments are expected to surpass the projected target of 8.2 million tonnes this year, partially due to India's ongoing export restrictions, which have tightened global rice supply, the ministry said in a statement.
Meanwhile, the figure is likely to be less than 8 million tonnes next year due to risk factors hampering their competitiveness, according to the Thai Rice Exporter Association.
Chookiat Ophaswongse, the association’s honourary president, said that despite persistent flooding in the North and Northeast, it should not affect rice exports this year.
However, the association warned of a tough year of 2025 as India will likely resume rice exports, returning to the top spot, coupled with a strong baht, which may cause Thai rice exports to decrease to between 7 million and 7.5 million tonnes.
Adequate rainfall during the La Nina weather phenomenon has contributed to improved rice production in Vietnam, India, Pakistan and Myanmar, leading to an increase of the grain in the global market.
This week, Thai Deputy Commerce Minister Suchart Chomklin presided over the opening ceremony of the Thai Rice Network Forum 2024, which aims to promote the domestic rice market and increase confidence among trading partners regarding the country’s policies for the development of rice and rice products./.
Thailand expects to export 8.2 million tonnes of rice this year, up from a previous forecast of 7.5 million, helped by demand from major markets and a weakening THB, according to the country’s Commerce Ministry.
Thailand's rice exports in the first five months of 2024 increased 16.5% year on year to nearly 4.06 million tonnes worth 94.6 billion THB (2.6 billion USD), but exports in the third quarter are expected to drop as compared to the first half of 2024, said President of the Thai Rice Exporters Association (TREA) Charoen Laothamatas.
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