Thailand could become world’s second largest rice exporter

International Business News  –  In the first six months of 2022, Thailand’s rice export volume and export value reached 3.5 million tons and 1.7 billion US dollars, up 56.6% and 42.9% year-on-year respectively.

Thailand’s Minister of Agriculture and Cooperatives Chalermchai Sri-on said recently that this is a welcome signal for Thai farmers, and the increase in exports will boost the country’s domestic rice prices.

Chalermchai Sri-on believes that if Thailand’s rice export volume exceeds 7 million tons this year, the country can surpass Vietnam and become the world’s second largest rice exporter.

According to statistics from the Thai Rice Export Association and the General Administration of Customs, in June, Thailand exported 764,131 tons of rice, earning 13.12 billion baht in foreign exchange, up 69.4% and 57.1% month-on-month respectively.

Chalermchai Sri-on expects global rice trade to increase to 46.4 million tons this year, an increase of 100,000 tons year-on-year. He also predicted an increase in rice exports from countries such as Australia, Myanmar, Cambodia, Europe, Uruguay, Paraguay and Thailand, while rice exports from countries such as Colombia, Ecuador, India, Iraq, Madagascar, the Philippines, Sri Lanka, the United States and Vietnam would decline.

Chalermchai Sri-on also believes that Thailand’s rice export volume will reach 7-7.5 million tons this year, which will help Thailand surpass Vietnam to become the world’s second largest rice exporter. However, Chalermchai Sri-on believes that there are still many factors that will affect the country’s rice exports in the second half of the year, such as the value of the Thai baht, the output of major rice exporters, and the conflict between Russia and Ukraine.

In 2021, Thailand’s rice export volume and export value will be 5.73 million tons (a year-on-year increase of 6.68%) and 108 billion baht (a decrease of 7.14%).