Thailand lifts 2024 rice export projection to 8.2 million tonnes

By IANS

Thailand expects to export 8.2 million tonnes of rice in 2024, up from the 7.5 million tonnes projected earlier, thanks to robust demand from key markets, weak local currency and increased production, the Ministry of Commerce said on Tuesday.

In the first half of this year, the Southeast Asian country shipped out 5.08 million tonnes of rice, marking a 25.12 percent surge compared to the previous year, the ministry said in a statement.

The increased demand is attributed to importing nations’ need for food security and stockpiling, coupled with India’s continued export restrictions, said Ronnarong Phoolpipat, Director General of the Minister’s Department of Foreign Trade.

Ronnarong said rice production in the final quarter of the year is expected to pick up as the effects of the El Nino weather phenomenon have subsided, Xinhua news agency reported.

The kingdom’s rice shipment recorded a 13.7 percent rise from a year earlier to 8.76 million tonnes in 2023, beating a target of 8 million.

This article has been republished from The Daijiworld.