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AFTER LOSING NIGERIA’S RICE MARKET, THAILAND EXPORTERS CUT 2020 EXPORT FORECAST BY 5M TONNES

ByCitizen NewsNG

Jul 24, 2020

It is now projected that the country will now export 6.5 million tonnes of rice in 2020, the lowest export projections in two decades which is also lower than the previous expectation of a seven-year low of 7.5 million tonnes.

Reuters quotes Chookiat Ophaswongse, honorary president of the association, as saying the previous record was in 2000 when the country exported 6.15 million tonnes of rice.

The association said that its decision to slash the forecast is due to the coronavirus pandemic, drought and a strong baht.

The country has also lost its market share in Nigeria.

Nigeria was ranked Thailand’s fifth-largest market as of 2014, importing 1.23 million metric tonnes of rice.

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