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Thailand seeks cooperation to address falling rice prices

Thailand is in talks with some countries, including India, to reduce competition, hoping to create a balance in rice prices in the global market and help farmers have stable income.

Illustrative image (Photo: https://www.bangkokpost.com/)
Illustrative image (Photo: https://www.bangkokpost.com/)

Bangkok (VNA) - Thailand is seeking cooperation with the world's top rice exporters to find ways to tackle falling rice prices amid simmering protests by local farmers calling for more support from the government, according to Minister of Commerce Pichai Naripthapha.

Thailand is in talks with some countries, including India, to reduce competition, hoping to create a balance in rice prices in the global market and help farmers have stable income, Pichai told the Thai parliament on March 6.

According to the Ministry of Commerce, paddy prices in Thailand dropped by 30% year-on-year to an average of about 8,600 THB (260 USD) per tonne last month. Growers are calling on the government to help them sell rice at higher prices.

Pichai said the ministry has drafted a proposal to support rice prices by providing farmers with an additional 1,000 THB per tonne of off-season rice. The proposal will be submitted to the cabinet next week.

Thailand is currently the world's second-largest rice exporter, with nearly 10 million tonnes exported in 2024. However, its rice exports are projected to drop sharply to 7.5 million tonnes this year as India, the world's top rice exporter, resumes exports.

Pichai revealed that the Thai government is looking at other valuable crops that farmers can easily grow and make a profit, including banana, which has the advantage of high productivity and high demand in foreign markets./.

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