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FAS/San José anticipates Costa Rica's Ministry of Foreign Trade to allocate 2024 Dominican Republic - Central America Free Trade Agreement rice quota allocations by the end of April, effectively constraining the availability of U.S. duty-free rice to the final eight months of 2024. Though Costa Rica typically allocates quota volumes in December of the preceding year, calculations of 2024 volumes have been contested by importers following an extraordinary process resulting from a 2022 cyber attack.

Costa Rica reinstated 35 percent tariffs on non-U.S.-origin rice after an administrative court overturned an August 2022 tariff reduction and the Government’s appeal was rejected. Demand for U.S. rice has surged following the tariff restoration on reduced South American-origin rice competitiveness.

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.

Though relatively small, the Costa Rican food processing sector relies on U.S. exporters to maintain critical supply chains. Proximity, reliability, and familiarity help make the United States the preferred supplier for a wide range of food processing ingredients, including wheat, corn, and animal proteins.

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.

Rice export prices increased 1-2 percent due to the strengthening of the Thai baht and the demand for white rice from Indonesia.