Thai rice export prices hit lowest level in nearly 30 months

According to the Thai Ministry of Commerce, the decline in rice prices is mainly due to external factors related to weak purchasing power in the international market while supply has increased sharply. Notably, India, the world's leading rice exporter, resumed exporting 100% broken rice since early March, making the market face fiercer competition and the world rice price level continues to be under significant pressure.

Rice fields decorated with cat images in Chiang Rai province (Photo: Reuters)

Thai traders predict that market demand will likely continue to be sluggish, resulting in no improvement in rice export prices for the next 2-3 months.

Thai Prime Minister Paetongtarn Shinawatra recently directed relevant ministries and agencies to study solutions to support farmers in the context of falling rice prices despite continuously increasing production costs.

Thailand is planning to discuss strategies with India and Vietnam to address falling rice prices due to oversupply, Commerce Minister Pichai Naripthaphan said on March 6. The ministry is also stepping up trade promotion efforts and seeking new export markets.

Thailand exported 9.95 million tons of rice in 2024. This is the highest export level in the past 6 years and increased by 13.4% compared to 2023. However, Thailand's rice exports are likely to decline sharply in 2025 and are expected to reach only 7.5 million tons.