The Commerce Ministry expects rice exports will increase to 9 million tonnes this year, generating revenue of US$6.4 billion, or 230 billion baht.
Commerce Minister Pichai Naripthaphan said Thailand already exported 7.45 million tonnes of rice worth 172 billion baht in the first nine months of this year, an increase of 22% in volume and 45.8% in value year-on-year.
The Foreign Trade Department and the Thai Rice Exporters Association are confident rice exports this year will reach 9 million tonnes, helped by demand from major markets such as Indonesia, Iraq and the US.
"Rice importers want it for consumption and to keep as stock for food security against drought and inflation," he said.
The largest importer of Thai rice this year has been Indonesia (1,092,128 tonnes, accounting for 14.7% of total rice exports), followed by Iraq (907,715 tonnes, 12.2%), the US (609,430 tonnes, 8.18%), South Africa (580,288 tonnes, 7.79%) and the Philippines (399,493 tonnes, 5.36%).
For the final quarter this year, rice exports are expected to continue as the harvest approaches, with orders driven by demand from major markets in preparation for Christmas and the New Year.
Mr Pichai instructed the Foreign Trade Department to monitor the global rice trade and create a plan to stimulate exports by maintaining principal markets such as South Africa, the US, China, Japan, the Philippines and Singapore, as well as expand to new markets such as Europe, Canada and the Middle East.
Key activities planned for the rest of the year by the Commerce Ministry include the Thailand Rice Convention 2024, an international meeting on the global rice trade expected to exchange market information and accommodate business negotiations.
Thailand's rice exports tallied 8.8 million tonnes in 2023, exceeding the target of 8 million tonnes, with the export value amounting to $5.14 billion (178 billion baht). Export quantity and value increased by 13.6% and 28.4%, respectively, from the previous year.