Arada Fuangtong, director-general of the Department of Foreign Trade (DFT), said exports between January and August totalled 5.04 million tonnes, down 23.98% from 6.63 million tonnes in the same period last year.
The value of exports fell 30.58% to US$2.98 billion (99.06 billion baht), compared with US$4.30 billion (153.91 billion baht) a year earlier.
The decline was driven by higher output among major exporters and importers alike, as favourable weather boosted harvests. This resulted in a global surplus, putting downward pressure on prices. In addition, key buyers such as Indonesia and the Philippines slowed imports, further dampening demand.
A stronger baht also added pressure by eroding Thailand’s price competitiveness against rivals such as Vietnam, India and Pakistan.
Thai rice exports slump 23.9% in first eight months on strong baht, global glut
Despite the challenges, Thailand has managed to expand shipments of premium rice varieties, including jasmine rice, parboiled rice, sticky rice and brown rice, to markets such as China, the United States, South Africa, the Middle East and Europe.
However, exports of white rice and Thai fragrant rice declined due to fierce price competition.
Arada said the DFT is continuing efforts to sustain and boost rice exports, including talks with major partners such as Japan and China. Negotiations with China Oil and Foodstuffs Corporation (COFCO) on a remaining 280,000 tonnes under a government-to-government deal have progressed positively.