Thai rice exports in the first half of 2024 have been highly successful, with export values surpassing 110 billion baht. This achievement results from the improved quality of Thai rice and consistent penetration into international markets, particularly the Philippines, where demand for rice is high and import tariffs have been reduced. This allows Thailand to significantly increase trade opportunities with this country.
In the first half of 2024, Thailand exported a total of 4.79 million tonnes of rice worth 111.738 billion baht, representing a 47.46% increase from the previous year.
The average export price per tonne also rose by 24.98%. The Philippines is a key market for Thailand, with the rice import tax reduced to 15% until 2028, making it a primary target for market expansion. Trade negotiations in early July 2024 successfully led to the signing of nine memorandums of understanding, allowing Thai rice exports to the Philippines to reach 130,000 tonnes, valued at over 2.8 billion baht. Such market development not only stimulates the economy but also enhances confidence in the quality of Thai rice on the global stage.
The rice exports from Thailand in 2024 demonstrate high potential and continuous market penetration.
The signing of agreements with the Philippines not only boosts export value but also increases the recognition of Thai rice in the global market.
This is a significant step that will help strengthen Thailand's economy in the future.
For more information: Facebook Thai Koo Fah.
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