Thailand’s Rice Exports Rose 75.2% In January, Compared To Last Year, On Account Of Weaker Baht
Rice is one of the many agro-commodities consumed worldwide. It is the staple food of almost 3.5 billion people of the world. Majorly it is consumed in Asia, Africa and Latin America.
China is the largest producer of rice in the world followed by India, which is the largest exporter and second largest rice producer globally. Indian rice is used to make a variety of dishes and the basmati variety of Indian rice is globally famous for its fine-quality and fragrance. India exports rice to almost 150 countries and accounts for 40% of the global Rice Export.
Thailand ranks second in terms of rice exports. As per record, the demand for Thai rice in the global market always remains strong. The Commerce Minister of Thailand Hon’ble Jurin Laksanawist expects Thailand to sell approximately 8 million tonnes of rice, in the current marketing year.
Rise In Thai Rice Exports
Various factors are responsible for the increase in exports of Thai rice. However, weakening baht is a major factor amongst them. On 27th of February, 2023, after a discussion with the Commerce Minister of Thailand, Hon’ble Mr Jurin Laksanawist said that the weak baht is responsible for increased stocks for internal consumption in India as well as Vietnam. Besides that, the increasing requirement of Thai rice in the Middle East is also helpful for enhanced Thai rice export this year.
The director general of Foreign Trade Department, Hon’ble Mr. Ronnarong Phoolpipat said that the weakening baht, which rendered Thai rice prices competitive, aided in the acceleration of year-end purchase orders, while purchases from various nations, including Indonesia, Iraq, and Bangladesh, had grown dramatically in January.
According to the Department of Foreign Trade, in January 2023, Thai rice exports increased 75.20% year on year as the baht fell against the dollar. The statistics of DFT stated that, around 805,518 tonnes of rice worth 14.27 billion baht were transported abroad in January, up from 459,773 tonnes worth 7.95 billion baht in the same month last year.
Hon’ble Ronnarong Phoolpipat claimed that Thai rice exports in 2022 were 2.3 million tonnes, a 26% increase as compared to the previous year’s total of 630,000 tonnes. He expressed his thoughts on attaining the country’s goal to export approximately 7.5 million tonnes of rice this fiscal year. He stated that Thailand was preparing to enter the Japanese and South Korean markets and that exporters were aiming to ship organic Thai rice as well.
The Bottom Line
The demand for Thai rice is increasing especially in the middle east. As per the survey, the export of Thai rice is consistently increasing owing to the weaker baht. According to the Department of Foreign Trade, in January 2023, Thai rice exports increased 75.20% year on year as the baht fell against the dollar. The DFT statistics revealed that around 805,518 tonnes of rice worth 14.27 billion baht were transported abroad in January.
If you are an importer wishing to buy bulk quantities of agro-commodities including rice or are an exporter willing to export rice, then Tradologie.com is the right platform for you. Our platform has over 600,000 buyers as well as 70,000+ exporters of agro-commodities from over 100 countries and through the platform, you can strategize bulk agro-trade with ease.
If you want to be a registered buyer, click here. To register as a seller, click here.
Follow Tradologie.com on all social media platforms to stay updated with the recent happenings of the agro-trade industry.