Thai rice exports to Philippines set to double in 2023
According to the Thai Rice Exporters' Association, the country’s rice exports to the Philippines are expected to double in 2023 as rival supplier Vietnam faces capacity constraints.
Thai rice exports to Philippines set to double in 2023 (Photo: asia.nikkei)
Hanoi (VNA) – According to the Thai Rice Exporters' Association, the country’s rice exports to the Philippines are expected to double in 2023 as rival supplier Vietnam faces capacity constraints.
The Philippine rice imports recorded 3.7 million tonnes in 2022, making it the world’s second largest importer of the staple. The figure is likely to remain roughly the same in 2023.
The country, which is battling inflation and various food shortfalls, is forecast to produce about 12.4 million tonnes, below the 15.8 million tonnes needed, according to the US Department of Agriculture.
Of the Philippines’ total rice imports in 2022, some 90% came from Vietnam – the country’s biggest supplier for decades due to its competitive price and a close-knit bilateral relation between the two countries. The remaining came from Thailand.
Chookiat Ophaswong, Honorary President of the Thai Rice Exporters Association said the Philippines plans to buy more rice from Thailand as Vietnam is facing capacity constraints.
Agricultural land used for the 2022-2023 crop cultivation in Vietnam has decreased by 3% compared to the previous crop. Vietnam is forecast to have about 6 million tonnes of rice to export in 2023, compared to 7.1 million tonnes in 2022.
According to Vietnam’s Ministry of Agriculture and Rural Development, due to insufficient supply, Vietnam only exported 400,000 tonnes of rice in the first month of 2023, a decrease of 20.9 % compared to the same period in 2022.
On the contrary, during the 2023-2023 crop cultivation, Thailand is expected to yield about 20.2 million tonnes of rice, a rise from 19 million tonnes in previous crop./.
The Thai Rice Exporters Association (TREA) on January 4 announced that Thailand is on track to become the world’s second-largest rice exporter as 6.91 million tonnes of rice were shipped abroad in the first 11 months of 2022.
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Thai rice exports to Philippines set to double in 2023 (Photo: asia.nikkei)
