Posted on November, 13, 2024 at 05:09 pm
Thailand is on track to bolster its rice exports to 9 million tonnes this year, potentially generating 230 billion baht (US$6.4 billion), according to the Commerce Ministry. This optimistic projection follows the country’s successful export of 7.45 million tonnes in the first nine months, already yielding 172 billion baht (US$4.95 billion) in revenue. This marks a notable year-on-year increase of 22% in volume and 45.8% in value.
The confidence in reaching the 9 million tonne target is shared by the Foreign Trade Department and the Thai Rice Exporters Association. They attribute this growth to heightened demand from key markets, including Indonesia, Iraq, and the United States, said Commerce Minister Pichai Naripthaphan.
“Rice importers want it for consumption and to keep as stock for food security against drought and inflation.”
Indonesia has emerged as the largest importer of Thai rice this year, purchasing 1,092,128 tonnes, representing 14.7% of total exports. Iraq follows with 907,715 tonnes (12.2%), the US with 609,430 tonnes (8.18%), South Africa with 580,288 tonnes (7.79%), and the Philippines with 399,493 tonnes (5.36%).
Source: Thaiger