Thai farmers ask the government to stabilize rice prices

Published 2021년 11월 17일

Tridge summary

Thailand's finished rice production is projected to reach 20 million tons in the 2021/22 season, up from 16.5-17 million tons in the previous year, due to a 13% decrease in the baht against the dollar. This will make Thai rice more competitive and help lower export prices. The Ministry of Commerce is also planning to support millers or agricultural cooperatives during low price periods. Thailand's digital economy is expected to grow to 30 billion USD in 2021, primarily in gaming, e-commerce, and cryptocurrency segments. The country is also promoting fruit exports in 2022 through various strategies and activities. Trade turnover between Thailand and countries with which it has Free Trade Agreements has seen high growth in the first nine months of 2021. However, Thailand's export growth forecast for 2022 has been reduced to 5% due to global demand and manufacturing challenges.

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Original content

Mr. Chookiat Ophaswongse - Honorary President of the Thai Rice Exporters Association said that finished rice production could reach 20 million tons in the 2021/22 season, a sharp increase from 16.5-17 million. tons in the 2020/2 crop year, and the baht's 13% drop against the dollar for the whole of 2021 has helped lower export prices, thereby improving the competitiveness of Thai rice compared to other competitors. In addition, rice prices are also affected by the shortage of shipping containers. The price of Thai 5% broken white rice is currently around 400 USD/ton (equivalent to 13,300 baht/ton), $120/ton lower than at the beginning of the year and 2,700 baht/ton compared to 2020. Each time the baht increases will make Thai rice more expensive by 16 USD/ton. Responding to criticisms of lower rice prices, Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said the previous drop in rice prices was mainly because most of the rice in stock could not be exported when the ...

Source: Vinanet