Browse Data and Analysis

MY 2024/25 sugar production is expected to recover from a 20 percent slump in MY 2023/24. Sugar consumption growth will likely decelerate in MY 2023/24 and MY 2024/25, following Thailand’s slow economic recovery and shrinking sugar demand by non-alcoholic beverage manufacturers due to the progressive sugar tax.

Rice export prices slightly increased despite the further weakening of the Thai baht.

Rice export prices increased one percent as exporters are securing rice supplies to fulfill contracted shipment despite the weakening of the Thai baht.

Sugar production in marketing year (MY) 24 is estimated at 787,000 metric tons (MT), while production for MY23 reached 765,000 MT. Continued international prices have eased the financial burden exerted by the high cost of inputs on the sugar sector.

Rice export prices increased one percent due to the strengthening of the Thai baht that outweighed the downward pressure on domestic rice prices.

Thailand's food and beverage industry contributes significantly to the country's economy. Thailand aims to be one of the world's top ten processed food exporters by 2027 and a key global player in the "Future Food" market.

MY 2023/24 and MY 2024/25 soybean crush will be well below the five-year pre-pandemic average annual growth due to a slow economic recovery.

Rice export prices dropped another 1-2 percent this week.

Rice export prices further declined 1-3 percent due to the weakening of the Thai baht against the U.S. dollar and the downward price pressure from the new MY2023/24 off-season rice supplies.

FAS Bangkok forecasts Thailand’s rice and corn production to marginally increase in MY 2024/25 along with expanded acreage in response to current attractive farm-gate prices. In 2025, Thailand will likely export 7.5 million metric tons of rice or well above its 5-year average.

Rice export prices dropped 2-3 percent as the Thai baht weakened and new MY 2023/24 off-season rice supplies entered the market.

Rice export prices stayed virtually unchanged as the strengthening of the Thai baht offset the downward price pressure from new off-season MY 2023/24 rice supplies entering the market.