Thailand sees a prospect of increasing Thai rice’s market share in the Philippines, as the country is expected to import about 4.1 million tonnes, an increase of about 200,000 tonnes, or 5% more than the February projection of 3.9 million tonnes, due to domestic production shortfall.
Commerce Minister Phumtham Wechayachai said today that the new projection for the Philippines’ demand, an increase of 14% from the 3.6 million tonnes of imports in 2023, will make the Philippines the largest rice importer, followed by Indonesia, China and European Union.
The increased demand this year offers a good opportunity for Thailand to increase rice exports, said Phumtham, adding that he has instructed the Foreign Trade Department and the commercial attachés in the Philippines to explore the prospect of increasing the Thai market share.
Last year, 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 said that the Philippines consumes about 16 million tonnes of rice, the staple of the Philippine people, but domestic rice yield is projected at only 12 million tonnes due to natural disasters, the latest being the effects of El Niño.
