BANGKOK (NNT) – Thailand’s rice exports surged 11.9% year-on-year to 5.29 million tons as of August 29 this year, according to recently released data.
Data from the Ministry of Commerce showed the kingdom exported rice valued at US$2.56 billion in the first seven months of 2023, an increase of 20.73% from a year earlier.
Ronarong Poolphiphat, Director-General of the ministry’s Foreign Trade Department, said the increase in Thai rice shipments was attributed to concerns over droughts as a result of the El Nino weather phenomenon. India’s rice export ban was also cited as a factor, as it prompted rice-importing countries to buy more to maintain food security.
Ronarong told a news conference that a stable Thai baht against the U.S. dollar and competitive export prices with those of other exporters, such as Vietnam and Pakistan, also supported the rice export growth.
He further noted that the commerce ministry maintains its forecast of Thai rice shipments at 8 million tons this year.