Thailand’s Rice Exports Jump Nearly 20% in Q1 2023 on Growing Asian, African Demand
Official data released on Monday shows that Thailand’s rice exports surged by 18.48% year-on-year to 2.06 million tonnes in the first quarter of 2023. The increased demand from Asian and African markets contributed to this growth, with the country earning 38.06 billion baht (US$1.11 billion) in revenue from rice shipments during the January-March period. Iraq emerged as the top importer of Thai rice, accounting for 16.4% of total exports, followed by Indonesia, the United States and South Africa.
According to Ronnarong Phoolpipat, director-general of the Ministry of Commerce’s foreign trade department, sustained demand from Asian and African nations has driven this growth, as these buyers have been fulfilling their domestic needs and maintaining food security. He also predicted that Thai rice would see competitive prices in the upcoming months as the output from the off-season harvest is expected to hit the market in March and April.
The Ministry of Agriculture and Cooperatives predicts a rise in Thailand’s rice production this year, owing to sufficient water supply for cultivation. As one of the world’s major rice exporters, Thailand raised its rice export target this year to 8 million tonnes in March, up from a previous target of 7.5 million tonnes, due to higher rice output.