Thailand is aiming for rice exports of 7.5 million tonnes this year, up from a previous target of 7 million tonnes, due to increased output and a weak baht amid global food insecurity.
Government Spokesperson Rachada Dhnadirek said in a statement that Thailand, the world’s third-largest rice exporter after India and Vietnam, exported 4.09 million tonnes of rice in the January-July period – up 54% from a year earlier.
She noted that the nation’s favorable weather has boosted its rice production while a weak baht has kept Thai rice prices competitive. The Thai currency was hovering near its weakest level in more than 15 years against the dollar.
Thailand has seen higher demand for its rice as countries seek to ensure food security and replace wheat and corn in the animal feed industry.
The spokesperson added that the Ministry of Commerce expects paddy rice output of 26.92 million tonnes in the 2022/23 crop year, up 2.09% from a year earlier.