Thailand’s rice exports saw a significant increase of 16.5% to 4.06 million tonnes in the first five months of the year. However, there are concerns that exports may drop in the third quarter due to higher prices compared to competitors such as India, Vietnam, and Pakistan. Despite this, major markets for Thai rice include Indonesia, Iraq, and the US, contributing to the overall growth in exports.
The surge in rice exports from Thailand is a positive sign for the country’s economy, but challenges lie ahead as competition intensifies with other rice-producing nations offering more competitive prices. With a drop expected in the third quarter, Thailand will need to strategize to maintain its market share and continue to expand its presence in key markets such as Indonesia, Iraq, and the US to sustain growth in rice exports.
Overall, the increase in rice exports from Thailand is a promising development, showcasing the country’s competitiveness in the global market. While challenges like higher prices compared to competitors exist, Thailand’s rice industry remains resilient and continues to thrive. By focusing on strategic market expansion and pricing strategies, Thailand can navigate through the tough competition and sustain its growth in rice exports.
Source link : Thai Rice exports surge 16.5% year-on-year from January to May
