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, because of home manufacturing shortfall.
Commerce Minister Phumtham Wechayachai stated right now 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 most important rice importer, adopted by Indonesia, China and European Union.
The elevated demand this yr affords a great alternative for Thailand to extend rice exports, stated Phumtham, including that he has instructed the International Commerce Division and the industrial attachés within the Philippines to discover the prospect of accelerating the Thai market share.
Final yr, 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 stated that the Philippines consumes about 16 million tonnes of rice, the staple of the Philippine folks, however home rice yield is projected at solely 12 million tonnes because of pure disasters, the most recent being the consequences of El Niño.
