Thailand sees a prospect of accelerating Thai rice’s market share within the Philippines, because the nation is anticipated to import about 4.1 million tonnes, a rise of about 200,000 tonnes, or 5% greater than the February projection of three.9 million tonnes, as a result of home manufacturing shortfall.
Commerce Minister Phumtham Wechayachai mentioned at this time that the brand new projection for the Philippines’ demand, a rise of 14% from the three.6 million tonnes of imports in 2023, will make the Philippines the biggest rice importer, adopted by Indonesia, China and European Union.
The elevated demand this 12 months gives a very good alternative for Thailand to extend rice exports, mentioned Phumtham, including that he has instructed the Overseas Commerce Division and the industrial attachés within the Philippines to discover the prospect of accelerating the Thai market share.
Final 12 months, the Philippines imported about 2.97 million tonnes of rice from Vietnam, accounting for 82.23% of all rice imports, about 342,000 tonnes of rice from Thailand, representing 9.46% and about 156,000 tonnes, or 4.33%, from Myanmar.
Phumtham mentioned that the Philippines consumes about 16 million tonnes of rice, the staple of the Philippine individuals, however home rice yield is projected at solely 12 million tonnes as a result of pure disasters, the most recent being the consequences of El Niño.
