Thailand increased its rice export target for this year to 8 million tons, up from 7.5 million tons before, due to increased rice output, a ministry official said Wednesday.
Thai rice exports are projected to increase as the global economy recovers, but the strong baht and unpredictable exchange rate may have an impact on competitiveness, according to Anucha Burapachaisri, deputy secretary-general to the prime minister and government spokeswoman.
Anucha said that rice exports totaled 1.39 million tons in the first two months of this year, with 52 percent exported to Asian markets.
The Southeast Asian country expects to raise rice output by 6% from the previous season to 29.3 million tons of paddy in the 2023/24 season, according to Anucha in a separate statement made on Tuesday.
According to the statement, 10.12 million tons of milled rice are put aside for local consumption, 8 million tones are set aside for export, and 1.41 million tons of paddy are set aside for seed stock.
Thailand exported 7.69 million tons of rice last year, exceeding its yearly target of 7.5 million tons, with the main markets including Iraq, South Africa, and China.
