Thailand raises 2024 rice export forecast to 8.2 million metric tons
Rice shipments have been supported by demand from main markets, including Indonesia and the Philippines, and a weak baht
THAILAND expects to export 8.2 million metric tons of rice this year, up from a previous forecast of 7.5 million, helped by demand from major markets, expected higher production and a weak baht, the commerce ministry said on Tuesday (Jul 30).
The increased rice export projection, however, would still be 6.5 per cent lower than last year’s level.
Rice exports from Thailand, the world’s second-largest shipper of the grain, were at 5.08 million metric tons in the first half of 2024, up 25 per cent from a year earlier, the ministry said in a statement.
Rice shipments have been supported by demand from main markets, including Indonesia and the Philippines, and a weak baht, the ministry said.
“Rice importers want to import rice for consumption and to keep them as stock for food security,” it said.
The Philippines and Indonesia should continue to import rice to alleviate the impact of inflation and drought, the ministry said.
Thai rice production in 2024 is expected to increase by 5.75 per cent from last year, Ronnarong Phoolpipat, Director General of the Foreign Trade Department, said in a briefing.
The ministry said it expected higher rice production in the last quarter of 2024 as the impact of the El Nino weather phenomenon had subsided.
In 2023, rice exports from Thailand rose 13.7 per cent year-on-year to 8.77 million metric tons, beating a target of 8 million tons. REUTERS
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