Located in Asia, Thailand, the third largest rice exporter in the world after India and Vietnam, has raised its rice export target for the current year from 7.5 million tonnes to 8 million tonnes, reflecting an approximate increase of 7 percent, a senior government official familiar with the subject matter cited on 22nd of March, 2023.
Global Economic Recovery, Higher Rice Output Behind Rise In Rice Export Target
As the global economy continues to recover from the devastating effect of Covid-19 and crisis caused by the Russia-Ukraine war and aggravated by adverse weather conditions around the world, Thailand’s Rice Exporters and rice suppliers remain optimistic to cash in on opportunities to export bulk rice.
Expectations of a higher rice output are further fueling their hopes to export higher volumes of rice this year and grow their revenue through rice exports.
Mr. Anucha Burapachaisri, spokesperson of Thailand’s government said that the global economy is recovering and there is higher rice output in the country. He further added that a volatile exchange rate could have some impact with regard to competitiveness in the global market.
Thailand’s Rice Exports So Far
According to Mr. Anucha Burapachaisri, Thailand exported 1.39 million tonnes of rice between 1st of January to 24th of February. In January itself, the Asian nation exported 8,05,000 tonnes of rice, a 75% YoY rise owing to higher demand from the Middle East nations and a weaker baht. Back in 2022, Thailand’s rice export stood at 7.69 million tonnes.
The Bottom Line
Located in Asia, Thailand ranks among the top 10 rice exporters of the world and buoyed by global economic recovery and higher rice output, the Asian nation have raised its rice export target for the current year from 7.5 million tonnes earlier to 8 million tonnes now.
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