Southeast Asia Information Port (www.dnyxxg.com) reports that Thai rice exports are showing signs of slowing down. The Thai Rice Exporters Association hinted that achieving the annual target depends on whether Indonesia, the largest importer, can increase its imports from Thailand. Official data shows that Thai rice exports totaled 5 million tons in the first half of 2024.
The outlook for Thai rice exports in the second half of the year is not optimistic. Due to a lack of price competitiveness, coupled with competition from major rivals such as India, Vietnam, and Pakistan, the Thai Rice Exporters Association is worried that it will be difficult to reach the annual target of 7.5 million tons. Last year, Thai rice exports performed well, achieving a total export volume of 8.7 million tons, surpassing South Africa and closely following India.
However, data disclosed by the Thai Rice Exporters Association shows that the total export volume of Thai rice in the first half of 2024 has already exceeded 5 million tons. The appreciation of the Thai baht has caused Thai rice to lose its price competitiveness. However, data disclosed by the Thai Ministry of Commerce shows that the total export volume of Thai rice from January to May 2024 was 4.05 million tons, with a total export value of 94.6409 billion baht.
According to statistics, the top five countries to which Thailand exported rice in the first five months of this year were: Indonesia (19,658 tons, up 165% year-on-year); the United States (11,251 tons, up 30% year-on-year); Iran (8,098 tons, down 15% year-on-year); the Philippines (5,532 tons, up 523% year-on-year); and South Africa (4,957 tons, down 14% year-on-year).
It is projected that for the remainder of the year, Thailand's monthly rice exports will decrease from 850,000-900,000 tons per month in the first half of the year to 500,000-600,000 tons per month. Indonesia, the largest importer, will be crucial in determining whether Thailand can achieve its annual rice export target.
