Thailand lifts 2023 rice export target to 8.5 million tonnes

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, told Reuters on Wednesday (Nov 15) as rice prices from competitors such as Vietnam increase.

“Vietnamese rice is expensive so countries like the Philippines and Indonesia are increasing orders of Thai rice,” he said.

Thai rice sells for about US$550 to US$555 per tonne, he said, while Vietnamese rice goes for about US$630.

Thailand is the world’s second-largest rice exporter after India. The government earlier forecast exports of 8 million tonnes.

The country’s rice production this year had seen only a limited impact from the El Nino weather phenomenon, Chookiwat said, adding that the 2023/24 season is expected to yield 33 to 34 million tonnes, up 2 million tonnes from the same period a year ago.

In the January to September period, Thailand sold at 6.08 million tonnes of rice, up 12 per cent year-on-year.

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Next year, however, he expects Thai rice exports to decline to 7.5 million tonnes, factoring in the world’s top exporter India easing an export ban. REUTERS