Thai rice prices surge in 2024 as demand outstrips supply

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. 
 

Paddy rice prices

• Dry rice: 8,900-10,200 baht/tonne
• Freshly harvested rice: 7,800-9,000 baht/tonne
• Jasmine paddy rice: 12,000-12,400 baht/tonne (freshly harvested)

 
Export prices

• Hom Mali: $935/tonne (up 7.59%)
• Pathum Thani rice: $875/tonne (up 24.64%)
• White rice: $603/tonne (up 11.67%)
• Steamed rice: $601/tonne (up 10.89%)
• Glutinous rice: $818/tonne (up 0.62%)
   

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.

However, the ministry is monitoring the impact of recent rainfall on rice quality in the Northeast and has instructed provincial authorities to prevent any potential exploitation of farmers.