Thailand’s rice exports are expected to reach their lowest level in eight months, as the country faces competition from other major rice exporters such as India and Vietnam. According to the latest data from the Thai Rice Exporters Association, Thailand’s rice exports in July 2023 are expected to reach around 500,000 tons, a significant decrease from the 600,000 tons exported in June 2023. This marks the lowest level of exports since November 2022, when Thailand exported around 480,000 tons of rice..
The decline in rice exports has been attributed to a number of factors, including increased competition from other major rice exporting countries, particularly India and Vietnam. Both India and Vietnam have been offering more competitive prices for their rice, making it difficult for Thailand to compete. In addition, the strength of the Thai baht has also made it more expensive for Thai exporters to sell their rice overseas..
The decline in rice exports is a major concern for the Thai government, as rice is an important cash crop for the country. Rice exports account for around 10% of Thailand’s total exports, and the industry employs millions of people. The government is considering a number of measures to support the rice industry, including providing financial assistance to farmers and exporters, and promoting the sale of Thai rice in new markets..
Despite the challenges, Thailand remains one of the world’s leading exporters of rice. The country has a large and efficient rice production sector, and it is home to some of the world’s best rice varieties. With the support of the government, the Thai rice industry is expected to remain competitive in the global market..
In addition to competition from other rice exporters, Thailand is also facing challenges from climate change. The country has been experiencing more extreme weather events in recent years, including droughts and floods, which have impacted rice production. The government is working to develop more resilient rice varieties and to improve irrigation systems, in order to mitigate the effects of climate change on the rice industry..
The decline in rice exports is a major challenge for Thailand, but the government is committed to supporting the rice industry and ensuring that it remains competitive in the global market. With its large and efficient rice production sector, Thailand is well-positioned to overcome these challenges and continue to be a leading exporter of rice in the world..
