Thailand’s Rice Exports Witness A 40% Rise In The First Three Quarters Of 2022
Located in Southeast Asia, Thailand is the third largest rice exporter in the world. It ranks behind India and Vietnam, in the global rice trade. However, the current year has proved to be lucrative for the rice exporters of Thailand.
Owing to the Russia-Ukraine war that has resulted in global grain shortage, adverse weather conditions around the globe in general and in major rice-producing countries like India, in particular, that has led to low rice production and weaker baht, Thailand’s rice exports surged by 40% in the January to September period as compared to last year. This corresponds to a 36% rise in the value of earnings from the exports of Thai rice as such that the rice suppliers of Thailand have together conducted trade to the tune of 95.232 billion in the first nine months of the year.
High Domestic Output, Weak Baht Behind Boom Of Thai Rice Exports
Despite the devastating impact of Typhoon Noru, Thailand’s rice exports witnessed a 40% jump in the January to September period. A variety of factors have contributed to this boom in rice exports like the Russia-Ukraine war which has created difficulties for countries around the world to ensure food security or the adverse weather conditions which have forced major grain producers and exporters to curb exports to ensure domestic availability.
While these certainly have been behind Thailand’s surge in rice exports, high domestic production and a weaker currency have added a cherry to the cake for Thailand. By making use of these favorable conditions, the rice suppliers of Thailand have made the year lucrative for themselves and as a result, Thailand’s rice exports have grown by 40% in the January to September period in comparison to the last year.
Export Destinations Of Thai Rice
Thailand ranks third in rice exports. However, this year, the country exported 5.41 million tonnes of rice in the first nine months of 2022 and with this, the southeast Asian country has become the second largest rice exporter, ranking right behind India in rice exports.
Iraq was the largest market for Thai rice during this period. For the first time in seven years, Iraq purchased 1 million tonnes of rice (worth 15.405 billion baht) from Thailand. With this, Thailand’s rice exports to Iraq jumped by 511%
Other major markets included the markets of the United States, South Africa, China, and Hong Kong where the export value of Thai rice stood at 14.029 billion baht, 8.017 billion baht, 7.439 billion baht, and 3.56 billion baht respectively.
The Bottom Line
Thailand-the third largest rice exporter in the world exported 5.41 million tonnes of rice in the first nine months of 2022. With this, the South East Asian country registered a 40% jump in its rice exports in the January to September period in comparison to last year. Making use of the market conditions like grain shortage around the world and adverse weather conditions that have led to low rice output in major rice-producing nations, Thailand exported 95.232t billion baht of rice and has become the second largest rice exporter, ranking just behind India as the global rice market.
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