BusinessThailand's Rice Exports Surge by 26.64% in First Five Months, Exceeding Expectations

Thailand’s Rice Exports Surge by 26.64% in First Five Months, Exceeding Expectations

Thailand has experienced a remarkable increase in rice exports during the first five months of the year, with a surge of 26.64% compared to the previous year, reaching a volume of 3.47 million tons. The significant growth is attributed to robust global demand and the weakened value of the Thai baht, according to a Ministry of Commerce official. The value of rice exports from January to May also saw a substantial rise of 30.58%, totaling 1,896 million U.S. dollars, reported Ronnarong Phoolpipat, director general of the ministry’s foreign trade department.

Confident in this upward trend, Ronnarong stated in a news conference that Thailand is projected to surpass its target of 7.5 to 8.0 million tons of rice exports in 2023, with expectations of exceeding 8 million tons. The optimistic outlook is fueled by the rising global demand for rice and the current stockpiling trend among countries, prompted by concerns over potential drought caused by the El Niño phenomenon. Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, expressed confidence that Thailand possesses sufficient rice reserves to meet export demands, despite the challenges posed by climate change.

Thailand, being one of the world’s major rice exporters, successfully shipped 7.69 million tons of rice in the previous year, surpassing its target of 7.5 million tons. Iraq, South Africa, China, and the United States were among the top markets for Thai rice exports. With the current surge in exports and positive market outlook, Thailand is reinforcing its position as a leading player in the global rice trade.

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