Thailand's Rice Exports Earn Over 100 Billion Baht in the First 5 Months of 2024
June, 14 2024
Surging Global Demand for Thai Rice
Concerns over climate fluctuations affecting rice production have led many countries to increase rice imports to ensure sufficient domestic supply. Key importers of Thai rice include Indonesia, Iraq, the United States, the Philippines, and South Africa.
Favorable Market Conditions Drive Thai Rice Exports
Ron Ronngrong Pholpipat, Director-General of the Department of Foreign Trade, stated that continued high demand from importers, along with India's ongoing rice export restrictions and the weakened Thai baht (36-37 THB/USD), have made Thai rice more competitive in global markets.
With these favorable conditions, Thailand’s rice exports are expected to exceed the 2024 target of 7.5 million tons. The department is closely monitoring global rice trade trends, particularly India’s export policies post-election, to adjust strategies in collaboration with the Thai Rice Exporters Association.
Success at THAIFEX-Anuga Asia 2024
At THAIFEX-Anuga Asia 2024 (held May 28 – June 1, 2024), Thai rice gained significant interest from buyers and importers from China, Malaysia, Hong Kong, Singapore, Bangladesh, France, Canada, Australia, and the UAE.
New markets such as Mongolia, Uzbekistan, Saudi Arabia, and Palestine also showed strong demand, alongside domestic hotel and restaurant businesses.
- Confirmed orders at the event: 150 million THB (+56.25% YoY)
- Projected 1-year order value: 500 million THB (+66.67% YoY)
- Cooking demonstration campaign ("Taste the Authentic Thai Cuisine with Premium Thai Rice") attracted over 74,000 visitors both onsite and online
Strengthening Thailand’s Position as a Global Rice Export Leader
The THAIFEX promotional campaign successfully expanded trade opportunities while reinforcing Thailand’s reputation as a top-quality rice producer and exporter.
This initiative aligns with the government’s strategy led by Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai to boost revenue and expand market channels for small rice exporters.