Thai farmers flooded with debt; an increase of 16.5% to an average of 250 thousand baht per household

Published Aug 16, 2021

Tridge summary

The Office of Agricultural Economics (NESDB) reported a 16.5% increase in farmers' debt in 2021, with the average debt per household being 262,317 baht, up from 225,090 baht in 2020. The majority of the loans were used for agricultural inputs and machinery repairs. Despite an increase in income by 4.5%, agricultural production saw a decrease of 3% in rice, milk, shrimp, and other products. The NESDB is monitoring a decrease in prices for various crops while prices for fruit trees, perennials, and livestock have increased.

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Original content

NESDB assessed year 64 Farmers' debt soared 16.5 percent, most of them needed to borrow money to buy inputs. Non-agricultural spending while income increased 4.5%, keeping an eye on agricultural production, a 3% drop in rice; milk, shrimp, must be excited On August 16, 2021, Mr. Chantanon Wannakhajorn, secretary-general of the Office of Agricultural Economics (NESDB), revealed that NESDB assesses the situation of farmers' assets. After the situation of the Covid-19 outbreak As a result, farmers' debt increased in line with the country's household debt. and other variables especially from government policies such as debt suspension and low-interest loans, etc. Meanwhile, farmers' debt in 2021 had an average debt of 262,317 baht/household, an increase of 16.54% from 2020 with a debt of 225,090 baht/household. Most of the loan liabilities have the purpose of borrowing as follows: 37.55% of agricultural inputs/materials, labor costs, repairs/purchases of agricultural machinery. 17.05% ...

Source: Prachachat