November’s Thai rice exports surged 67.9% in value from the same period last year to US$632 million (23.01 billion baht), according to the Commerce Ministry. Rice exports for the first 11 months of the year rose 29.6% to $4.61 billion (159.55 billion baht).

Key export markets included Indonesia, the Philippines, the United States, South Africa, and Algeria.

The quantity of rice exported in November rose 41.8% to just over 1 tonne, while rising 14.7% in the first 11 months (January-November) to 7.95 tonnes.

Export values are being driven by rising prices of $10-20 per tonne. Fragrant jasmine rice is being exported at a price of $897 per tonne FOB (Free On Board) as of December 20, up from $874 on December 13. White rice 25% is priced at $615 per tonne, up from $600.

Rice trade experts put the export success down to consistent market demand driven by concern over food security amid volatile weather conditions, including the effects of El Niño. Key exporting countries like Vietnam have also seen production fall this year.

Although local farmers are benefiting from the high prices, experts caution that prices should not be permitted to rise to a point where they affect competitiveness.

Published Date: December 26, 2023