Thailand: Ministry move aims to maintain prices

The Finance Ministry looks set to help purchase mangosteens and longans at the beginning of the season, which is expected to run from July to August this year, to help elevate the prices of early-season produce. According to Finance Minister Pichai Chunhavajira, the ministry will utilise state financial institutions to help purchase the produce to maintain favourable prices for agricultural products continuously. He said the government aims to push for higher prices for agricultural produce, which requires restructuring production costs to remain competitive and increasing productivity. He added that he believes there is growing demand for food and agricultural products, considering the world's population which has grown by 30% during the past 24 years. Specifically, the global population stood at 6 billion 24 years ago, but is now 8 billion, and is expected to reach 10.8 billion by 2050. This rising demand for food presents an opportunity for Thailand, he said, adding that if the ...