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Thailand remains world’s second biggest rice exporter
In the first five months of 2024, Thailand’s rice exports saw a significant increase of 16.5% year on year, reaching nearly 4.06 million tonnes valued at 94.6 billion THB. However, President of the Thai Rice Exporters Association, Charoen Laothamatas, predicts a decline in exports for the third quarter compared to the first half of the year. In May alone, rice exports dropped by 29.3%, mainly attributed to decreased orders for white and parboiled rice. Despite being the world’s second-largest rice exporter, Thailand faces stiff competition from countries like India, Vietnam, and Pakistan due to higher prices. Notable markets for Thai rice include the Philippines, Indonesia, and the US.
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Thailand remains the world’s second biggest rice exporter, with a significant increase in rice exports in the first five months of 2024. According to the President of the Thai Rice Exporters Association (TREA) Charoen Laothamatas, Thailand’s rice exports surged by 16.5% year on year, reaching nearly 4.06 million tonnes valued at 94.6 billion THB (2.6 billion USD). This growth in exports reflects Thailand’s strong position in the global rice market.
However, despite the impressive performance in the first half of the year, Charoen Laothamatas anticipates a drop in rice exports in the third quarter of 2024. In May alone, rice exports decreased by 29.3%, mainly due to a decline in orders for white and parboiled rice. Thailand’s main markets for white rice include the Philippines, Indonesia, Iraq, Japan, Angola, Malaysia, Cameroon, and Mozambique, while South Africa and Benin are major markets for parboiled rice.
One of Thailand’s most sought-after rice varieties, Thai Hom Mali fragrant rice, has gained popularity in the US, Hong Kong, Canada, Singapore, China, and Australia. In May, exports of Thai Hom Mali fragrant rice increased by 7.4% compared to April, showcasing the global demand for this premium rice variety.
Despite Thailand’s strong position in the rice market, Charoen Laothamatas acknowledges that Thai rice prices are higher compared to rice produced by competitors like India, Vietnam, and Pakistan. This price differential has led countries like the Philippines and Indonesia to increase rice imports from Vietnam, impacting Thailand’s export volumes.
In the first five months of 2024, India maintained its position as the world’s largest rice exporter, followed by Thailand, Vietnam, Pakistan, and the US. The top five importers of Thai rice during this period were Indonesia, Iraq, the US, the Philippines, and South Africa.
The fluctuating trends in rice exports highlight the competitive nature of the global rice market. While Thailand remains a key player in the industry, external factors such as pricing and demand from importing countries can influence export volumes. As the year progresses, it will be interesting to see how Thailand adapts to market dynamics and maintains its position as one of the world’s leading rice exporters.
In conclusion, Thailand’s rice exports in the first five months of 2024 have shown promising growth, but challenges lie ahead in the third quarter. By monitoring market trends and adjusting strategies accordingly, Thailand can continue to strengthen its position as a major player in the global rice trade.
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