Thailand is poised to exceed its 2023 rice export target of 8.5 million tonnes thanks to a surge in purchases in November, according to the Thai Rice Exporters Association.

A rice store in the southern province of Narathiwat in Thailand. (Photo: AFP/VNA)

Bangkok (VNA) – Thailand is poised to exceed its 2023 rice export target of 8.5 million tonnes thanks to a surge in purchases in November, according to the Thai Rice Exporters Association.

Charoen Laothamatas, the association’s president, said that rice exports in November hit 1.007 million tonnes worth 23.01 billion THB (657.7 million USD), up by 19.9% and 23.3% compared to October, respectively.

The boost in November’s rice export was mostly thanks to surges in shipments of polished and jasmine rice because importers wanted to replenish declining stocks amid a 15-year high in global rice prices. Polished rice exports in November amounted to 659,694 tonnes, an increase of 31% against October’s figure.

Main markets for Thai polished rice include Indonesia, the Philippines, Algeria, Iraq, Malaysia, Japan, Brazil, and Cameroon, Charoen said.

November saw 91,303 tonnes of parboiled rice being exported, marking a drop of 11.2% compared to October.

Thailand exported 7.945 million tonnes of rice between January and November last year, up 14.7% from a year earlier. The Southeast Asian country earned 4.61 billion USD from rice exports in the period, a year-on-year increase of 28.9%.

The association anticipates that between 800,000 and 900,000 tonnes of rice was exported in December, and is upbeat that the kingdom will surpass its initial export target of 8.5 million tonnes of rice for 2023, Charoen added./.

VNA

Published Date: January 10, 2024