Thai rice exports are likely to surpass 8 million tonnes this year, driven by higher global demand as countries rush to stock up to brace for the effects of the El Niño weather phenomenon, says Commerce Minister Jurin Laksanawisit.
He said the Philippines is expected to increase its rice purchases by 2-3 million tonnes, while Indonesia is expediting procurement of a substantial quantity of rice from both Thailand and Vietnam.
Iraq is expected to import around 1 million tonnes this year, on par with 2022, said Mr Jurin.
He said Vietnam is reducing its rice exports to ensure a sufficient domestic stockpile, shifting towards cultivation of fruit and coffee.
The baht is weaker, which makes Thai rice exports more competitive, said Mr Jurin.
Last year Thailand shipped 7.69 million tonnes of rice, outperforming the ministry's target of 7.5 million tonnes.
The ministry set a goal of 7.5-8 million tonnes of rice shipments this year.
"Crop prices are very good," Mr Jurin said.
"The important agricultural crops with high prices are fragrant paddy, Pathum Thani fragrant paddy, white rice paddy and glutinous paddy rice. These four items all have prices higher than the state-guaranteed prices."
In a related development, he instructed the Internal Trade Department and the provincial commercial office in the southern region to work together with provincial governors to inspect and monitor the trading of fruit entering the market after receiving reports of collusion, attempts to stop purchases, and price manipulation of mangosteen and durian by traders.
Mr Jurin also ordered related authorities to take strict legal action against unscrupulous traders, according to both the Trade Competition Act and the Price of Goods and Services Act.
