Thailand expects to export 7.5 million tonnes of rice this year, down 14.4% year-on-year, due to lower production and increased competition, according to the Thai Ministry of Commerce.

Illustrative image (Photo: Photo: bangkokpost.com)

Bangkok (VNA) – Thailand expects to export 7.5 million tonnes of rice this year, down 14.4% year-on-year, due to lower production and increased competition, according to the Thai Ministry of Commerce.

In a statement released on February 1, the ministry said rice production is expected to drop 5.9% in 2024, affected by the El Nino weather phenomenon.

The world’s second-largest rice shipper behind India also faces competition and many challenges when global supply is expected to be higher and imports from trade partners to be lower.

However, Thailand’s rice exports in January surged about 44% year-on-year to 1.12 million tonnes.

Last year, the country’s rice exports rose 13.6% to 8.76 million tonnes, with the value up 28.4% on the year, the ministry said./.

VNA

Published Date: February 1, 2024