Thailand’s rice exports likely to drop due to El Nino
Thailand expects to export 7.5 million tonnes of rice this year, down 14.4% year-on-year, due to lower production and increased competition, according to the Thai Ministry of Commerce.
Bangkok (VNA) - Thailand expects to export 7.5 million tonnes of rice this year, down 14.4% year-on-year, due to lower production and increased competition, according to the Thai Ministry of Commerce.
In a statement released on February 1, the ministry said rice production is expected to drop 5.9% in 2024, affected by the El Nino weather phenomenon.
The world’s second-largest rice shipper behind India also faces competition and many challenges when global supply is expected to be higher and imports from trade partners to be lower.
However, Thailand’s rice exports in January surged about 44% year-on-year to 1.12 million tonnes.
Last year, the country’s rice exports rose 13.6% to 8.76 million tonnes, with the value up 28.4% on the year, the ministry said./.
Thailand has increased its rice export target for this year to 8.5 million tonnes, Chookiat Ophaswongse, Honorary President of the Thai Rice Exporters Association (TREA), said on November 15.
Thailand is poised to exceed its 2023 rice export target of 8.5 million tonnes thanks to a surge in purchases in November, according to the Thai Rice Exporters Association.
Thai Deputy Prime Minister and Commerce Minister Phumtham Wechayachai is aggressively promoting the sale of rice, leading the way with a government-to-government deal of 1 million tonnes with Indonesia, as well as another 1 million tonnes with the private sector.
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Illustrative image (Photo: Photo: bangkokpost.com) 
