Thai rice prices surge in 2024 as demand outstrips supply
Thailand’s Commerce Ministry announced rising rice prices for 2024, driven by increased demand and low mill stock. Jasmine rice prices hit 16,000 baht/tonne, with Hom Mali export prices at $935/tonne, up 7.59% year-on-year. Dry rice prices range from 8,900-10,200 baht/tonne. Projected exports for 2024 are 9 million tonnes, boosting farmer incomes significantly.
BANGKOK: The Commerce Ministry has announced an increase in Thai rice prices for 2024, with both export prices and paddy prices on the rise.
Jasmine rice has seen a significant price increase, with premium varieties fetching 16,000 baht per tonne. Projections suggest exports could hit 9 million tonnes this year.
The price surge is being driven by rising demand coupled with falling mill stock levels, said ministry spokesperson Wittayakorn Maneenet.
As a result, mills are offering higher purchase prices for paddy rice, especially in Suphan Buri, Kamphaeng Phet and Sukhothai.
As of mid-November 2024, prices for dry rice (15% moisture) range from 8,900 to 10,200 baht per tonne, while fresh harvest rice is priced at 7,800 to 9,000 baht per tonne.
Jasmine paddy prices currently stand at 12,000-12,400 baht per tonne, with export prices also climbing significantly. Hom Mali exports average US$935 per tonne, an increase of 7.59% year-on-year.
The Ministry expects Thai rice exports to total 8.37 million tonnes in the first 10 months of the year, up over 20%. It projects total annual exports of 9 million tonnes in 2024, boosting income for rice farmers.
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Source Link : The Star
