Bangkok (VNA) - Thailand is seeking cooperation with India and Vietnam to find solutions to falling rice prices, Commerce Minister Pichai Naripthaphan said on March 6.
Thailand is in talks with both countries, which are among the world's leading rice exporters, to reduce competition, hoping to create a balance in rice prices in the global market and help farmers have stable income, Pichai told the parliament.
Paddy prices in Thailand dropped by 30% year-on-year to an average of about 8,600 THB (256 USD) per tonne last month, according to the Commerce Ministry.
Growers are calling on the government to help them sell rice at higher prices.
Thailand, the world's second-largest rice exporter, is likely to be hit hard by the resumption of rice exports by India. Its Commerce Ministry forecast a 24% year-on-year decline in rice exports to 7.5 million tonnes this year.
On the same day, the minister said that the government is looking at other valuable crops that farmers could easily grow and profit from.
One crop that is being considered is banana, he said, noting banana trees have high yields and are in high demand in foreign markets, including Japan, where the demand for banana has been estimated to be as high as 1 million tonnes per year.
At present, Thailand produces about 8,000 tonnes of banana per year, about 2,000 tonnes of which can be exported, said Pichai, considering it a "substantial opportunity" for Thai farmers./.
Thailand eagers to improve rice prices
Thailand’s Commerce Ministry is implementing seven measures to lift rice prices, such as paddy fairs.
