Thailand Pursues Increased Rice Exports to the Philippines
The US Department of Agriculture projects the Philippines to become the largest rice importer in 2024, expecting to import four point one million tonnes, up from three point two million tonnes. This demand surge intensifies competition between Thailand and Vietnam, the world’s second- and third-largest rice exporters, respectively. Historically, Vietnam has been the main supplier for the Philippines, accounting for 80% of its rice imports. However, Thailand has recently secured a deal to supply at least one hundred and thirty thousand tonnes for the remainder of 2024. Both countries aim to meet the increased demand with competitive prices and improved quality.
The US Department of Agriculture projects the Philippines to become the largest rice importer in 2024, expecting to import 4.1 million tonnes, up from 3.2 million tonnes.
This demand surge intensifies competition between Thailand and Vietnam, the world’s second- and third-largest rice exporters, respectively.
Historically, Vietnam has been the main supplier for the Philippines, accounting for 80% of its rice imports.
However, Thailand has recently secured a deal to supply at least 130,000 tonnes for the remainder of 2024.
Both countries aim to meet the increased demand with competitive prices and improved quality.
Thailand's rice exports to the Philippines have risen to 300,000 tonnes in the first half of 2024, a 388% increase from the previous year.
This growth is driven by supply shortages in the Philippines and a weaker Thai baht.
Nonetheless, challenges persist as Vietnam offers higher yields and lower prices, and increased supply from Pakistan and potentially India could impact competitiveness.
The Philippines' reduction of rice import tariffs to 15% in June has also boosted demand.
This demand surge intensifies competition between Thailand and Vietnam, the world’s second- and third-largest rice exporters, respectively.
Historically, Vietnam has been the main supplier for the Philippines, accounting for 80% of its rice imports.
However, Thailand has recently secured a deal to supply at least 130,000 tonnes for the remainder of 2024.
Both countries aim to meet the increased demand with competitive prices and improved quality.
Thailand's rice exports to the Philippines have risen to 300,000 tonnes in the first half of 2024, a 388% increase from the previous year.
This growth is driven by supply shortages in the Philippines and a weaker Thai baht.
Nonetheless, challenges persist as Vietnam offers higher yields and lower prices, and increased supply from Pakistan and potentially India could impact competitiveness.
The Philippines' reduction of rice import tariffs to 15% in June has also boosted demand.
