Thailand Anticipates Boosting Rice Exports to the Philippines by 5% Due to Domestic Production Shortfall
Thailand anticipates boosting rice exports to the Philippines in 2023 due to the country's projected rice imports increasing by around 5% to 4.1 million tonnes.
This rise is attributed to a domestic production shortfall.
With this new demand, the Philippines is projected to become the world's largest rice importer, surpassing Indonesia, China, and the European Union.
Commerce Minister Phumtham Wechayachai has instructed Thai officials to explore opportunities to expand Thai rice's market share in the Philippines.
The Philippines imported approximately 3.5 million tonnes of rice from Vietnam, Thailand, and Myanmar last year.
Vietnam supplied the largest share at 82.23% or 2.97 million tonnes, followed by Thailand with 9.46% or 342,000 tonnes, and Myanmar with 4.33% or 156,000 tonnes.
The country's rice consumption is around 16 million tonnes, but domestic production is projected to reach only 12 million tonnes due to natural disasters, including the effects of El Niño.