Rice market in Thailand

Earlier Report Observations

The physical volume of Thailand's rice market increased from 22.1 million tonnes in 2018 to 25.1 million tonnes in 2023, with a peak of 25.8 million tonnes in 2021. This growth was initially supported by government price stabilization policies through the National Rice Policy and Administration Subcommittee and export opportunities arising after India's export suspension. The promotion of diverse rice varieties such as Jasmine, organic, and GI rice via the 'World Rice Bank' project further aimed to enhance value and access to foreign markets.

The COVID-19 pandemic in 2020 led to state interventions including delayed sales and interest compensation to protect farmer incomes, which contributed to a surge in market value to $16.4 billion despite only moderate physical growth. Fluctuations in export demand and domestic supply pressured prices during this period. Facing increased competition from India and Vietnam in 2021, the government focused on developing rice varieties and production technology to regain global market share.

In 2022, India's export control policy caused world rice prices to jump by 50%, prompting Thailand to adjust its export strategies and employ targeted price absorption measures to maintain domestic market stability. By 2023, concerns over U.S. import taxes on Jasmine rice spurred enhanced trade negotiations, while the push for high-quality rice markets like GI and halal through the 'World Rice Bank' project sought to expand exports to the European Union and other premium markets.

Production rice in Thailand

In kind, 2017-2020, K t

On a global scale, Thailand ranked as the 6th largest producer of rice during the period from 2017 to 2020.

Top producers of rice, 2017-2020

World map of production of rice, 2017-2020

Thailand's rice production volume declined for the second consecutive year. In 2020, the country produced 30 978 thousand tons of rice, marking a slight decrease of 0.8% compared to 2019. The largest decline occurred in 2019, with a drop of 5.8%, while the peak production was recorded in 2018 at 33 142 thousand tons, which represented a 5.0% increase from the previous year.

Annual dynamics of production in Thailand in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Thailand's rice production value increased for the third consecutive year. In 2020, the output was valued at 20 159 million US dollars, up by 14.9% compared to 2019. Over the period from 2017 to 2020, production value grew by 43.8%, with a compound annual growth rate of 12.9%.

Annual dynamics of production in Thailand in value, 2017-2020, M $ US

Exports rice from Thailand

Exports in kind, K t

Thailand's volume of rice exports declined for the third consecutive year. In 2020, the country exported 5 734 thousand tons of rice, down by 13.9% compared to 2019. Over the period from 2017 to 2020, exports decreased by 50.9%, with a compound annual growth rate of -21.1%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, K t

From 2017 to 2020, rice exports in kind were distributed across a wide range of partner countries. Benin accounted for 14.1% of exports, South Africa for 8.4%, and China for 7.4%, with these three countries together representing just 29.8% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, M $ US

Thailand's rice exports in value terms declined for the second consecutive year. In 2020, export value stood at 3 731 million US dollars, remaining broadly stable compared to the previous year. Between 2017 and 2020, exports decreased by 28.1%, equating to an annualized rate of -10.4%. The peak value was recorded in 2018 at 5 619 million US dollars, an increase of 8.3% from the prior year, while the largest decline occurred in 2019 with a drop of 33.4%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, M $ US

The analysis of exports in value terms from 2017 to 2020 shows a broad distribution across many markets. Benin accounted for 10.7% of exports, the United States for 9.1%, and China for 7.6%, with these three countries together representing only 27.5% of total flows, while the remaining 72.5% was distributed among numerous other partners.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports rice to Thailand

Imports in kind, K t

The market exhibited an unstable trend throughout the timeframe. In 2018, imports reached their minimum at 15 thousand tons, with a decline of 23.1% from the previous year. By 2020, imports peaked at 45 thousand tons, representing a sharp increase of 192.1% from 2019, resulting in a threefold variation between the minimum in 2018 and the maximum in 2020.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, K t

From 2017 to 2020, Myanmar was the largest supplier of rice to Thailand, accounting for 20.6% of imports in kind, followed by Australia at 9.2% and Vietnam at 8.5%. Together, these three countries accounted for 38.3% of total imports, with the remainder coming from a broad range of smaller partners.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, M $ US

Volatility characterized the market behavior during these years. In 2019, imports reached their minimum at 3 million US dollars, with a decline of 77.2% from the previous year. By 2020, imports climbed to their maximum at 18 million US dollars, a sharp rise of 559.4% from 2019, resulting in a 6.6-fold shift between the minimum in 2019 and the maximum in 2020.

Annual dynamics of product's imports to Thailand in value, 2017-2020, M $ US

From 2017 to 2020, rice imports to Thailand were sourced from a broad set of markets. Australia accounted for 13.5% of imports in value terms, Pakistan for 8.0%, and Vietnam for 7.9%, with these three countries together representing only 29.4% of total imports, while the remaining 70.6% came from many smaller destinations.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020