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Hua Hin
Monday, June 5, 2023

Thailand’s Rice Exports Reach Record High, Fueling Optimism and Economic Growth

Thailand’s rice industry is experiencing a significant surge in exports, with the government reporting a record-breaking figure of 2.79 million tonnes of rice exported from January to April this year.

Prime Minister Gen Prayut Chan-o-cha expressed his optimism about the remarkable achievement, as the total value of these exports reached 51.2 billion baht (US$1.5 billion), marking a remarkable 23% increase compared to the same period last year. To further propel rice exports and support crop production, the Prime Minister has instructed state agencies to proactively implement measures. Efforts will also be made to maintain competitive rice prices in international markets.

The recent hike in rice prices can be attributed to the stability of the baht, which has made Thai rice more attractive and competitive in foreign markets. Currently, Thailand holds the position of the world’s second-largest rice exporter, following India.

The Department of Internal Trade (DIT) foresees a further increase in exports, with projections exceeding 8 million tonnes, surpassing the 2022 figure of 7.69 million tonnes. As of May 10, rice exports had already reached an impressive 3.05 million tonnes, and ongoing orders indicate a continued upward trend. Key markets for Thai rice include Iraq, Indonesia, the United States, South Africa, Senegal, Bangladesh, China, Japan, Cameroon, and Mozambique.

Udom Srisomsong, Deputy Director-General of the DIT, emphasized the sustained global demand for Thai rice, which has contributed to competitive prices and eliminated the necessity for government intervention through price guarantees to support farmers.

Amidst ongoing political changes, the Thai Rice Exporters Association has expressed concerns about potential disruptions to policies that may impact crucial crops. The association stresses the importance of clear measures pertaining to crop prices from the Move Forward Party and Pheu Thai Party, the two main parties forming the new coalition government. Clarity on these policies is essential to ensure smooth development and growth in the vital agricultural sector.

Noah Gallix
Author: Noah Gallix

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