Nonthaburi, The Director-General of the Department of Foreign Trade stated that the rice export volume in the first half of 2024 was 5.08 million tons, an increase of over 25.12 percent or worth 3,304 million US dollars due to the demand for rice from major markets such as Indonesia and the Philippines, coupled with the weaker baht, which made Thai rice export prices competitive. Therefore, the rice export forecast for 2024 was revised up in collaboration with the Thai Rice Exporters Association to 8.2 million tons, worth over 4,500 million US dollars. However, India's rice export measures must be monitored after the new election, and activities to promote Thai rice exports in the second half of the year will continue. Mr. Ronnarong Poolpipat, Director-General of the Department of Foreign Trade, revealed information on Thai rice exports in the first half of 2024 (January - June) that there were 5.08 million tons, an increase of 25.12 percent from the same period last year, and a value of over 3,304 million US dollars, an increase of 55.50 percent from the same period last year. This was due to rice importers wanting to import rice for consumption and for stockpiling for food security, coupled with India still implementing rice export control measures and the baht depreciating to approximately 36 - 37 baht per US dollar, making Thai rice prices competitive. Due to the continuous increase in demand for Thai rice, the department has met with the Thai Rice Exporters Association to discuss the trend of Thai rice exports in the second half of 2024. Positive factors include the fact that major importing countries such as the Philippines and Indonesia continue to have demand for rice from private rice exporters to alleviate the impact of inflation and drought. The Philippine government has ordered a reduction in the rice import tariff from 35 percent to 15 percent until 2028 to control inflationary pressure on domestic rice products. It is expected that this year the Philippines will import up to 4.70 million tons of rice, while Indonesia will import approximately 3.60-4.30 million tons, depending on the production volume. This is an opportunity for rice exports by exporting countries. In addition, there is support from the volume of Thai main-season rice production that will be released to the market in the last quarter of the year, which is expected to increase from the previous year due to increased rainfall and water for cultivation due to the easing of El Niño. As a result, Thai rice prices tend to decrease and become more competitive. The Department and the Association have therefore adjusted the forecast for Thai rice exports in 2024, increasing from the original forecast at the beginning of the year at 7.5 million tons to 8.2 million tons or a value of more than 4.5 billion US dollars. The average export volume per month for the rest of the year is no less than 500,000 tons. It is believed that with cooperation with the private sector in all aspects, Thai rice exports may be higher than expected. In addition, we must continue to monitor India's rice export measures, as the Indian government may relax rice export control measures before the main rice production season is released to the market in October 2024. In addition, it is predicted that the rice production volume of rice exporting countries, namely Vietnam, Pakistan, Myanmar, and Cambodia, will tend to increase, resulting in increased rice production in the world market and relatively high price competition. In addition, risk factors from geopolitical conflicts that may affect energy product prices and the fluctuation of shipping rates that affect increased transportation costs are all challenging factors that may affect Thai rice exports in the second half of 2024. However, this year's Thai rice exports are in a good direction. The department will continue to promote the market to stimulate Thai rice to be in the trend and be remembered so that importers think of importing rice from Thailand as a priority, in accordance with the policy of Mr. Phumtham Vejjaya chai, Deputy Prime Minister and Minister of Commerce, to maintain the original market and increase new markets for exporting to foreign countries. In the last 5 months of this year, there are plans to organize activities to promote Thai rice exports, including organizing the Thai Rice Networking Forum 2024 to invite experts in the global rice trade to meet and exchange information on the global rice market situation and strengthen relationships with rice trading partners. Organizing the mobile Thailand Rice Convention (TRC) to organize seminars to share information on trends in rice demand in the global market to rice farmers to encourage farmers to produce rice that meets market demand even more. In addition, there will be discussions to strengthen relationships with major rice importers and continuous participation in trade exhibitions abroad. Despite rumors that China has started to produce its own jasmine rice, which may be a competitor of Thai jasmine rice, the department believes that Chinese jasmine ri ce varieties are still not as good as Thai jasmine rice varieties, especially since the taste and aroma of Thailand are better, and Chinese consumers are interested in eating Thai jasmine rice continuously. Even though the price of Thai jasmine rice is higher. Source: Thai News Agency