Thailand's rice exports surge by 22% in 7 months

Statistics from the Thai Ministry of Commerce showed that the Southeast Asian country shipped out 5.68 million tons of rice worth 132.4 billion baht (US$3.7 billion) during the January-July period, a 50.97% surge in value from a year ago.

Thai rice shipments are expected to surpass the projected target of 8.2 million tons 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 tons next year due to risk factors hampering their competitiveness, according to the Thai Rice Exporter Association.

Chookiat Ophaswongse, the association’s honorary president, said that despite persistent flooding in the North and Northeast regions, it should not affect rice exports this year.

However, the association warned of a tough 2025 as India will likely resume rice exports and reclaim its spot as the top rice exporter. This, coupled with a strong baht, may cause Thai rice exports to decrease to 7-7.5 million tons.

Adequate rainfall during the La Nina weather phenomenon has helped improve 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.