Overview:
The global rice market is shifting as India lifts its export ban, setting up fierce competition for Thailand. Thai rice exports, which have enjoyed strong demand, now face price pressures as Indian suppliers return with more competitive pricing.
Current Market Trends:
In 2024, Thai rice exports surged, particularly to African and Asian markets. By October, 7.45 million tonnes had been exported—a 22% increase year-on-year. The popular Thai Hom Mali rice continues to be favored in the U.S., Canada, and Hong Kong. However, Indian rice prices are significantly lower, affecting Thailand’s competitive edge.Future Outlook:
Thailand aims to hit an export target of 8.5 million tonnes despite these challenges. Demand in nations like the Philippines, Saudi Arabia, and China remains high, offering growth opportunities, but meeting targets may require strategic pricing adjustments.For more details, read the full article here.