Thailand seeks cooperation with India, Vietnam to support falling rice prices

THAILAND is seeking cooperation with India and Vietnam to find ways to tackle falling rice prices, the Thai commerce minister said on Thursday (Mar 6), amid simmering protests by local farmers calling for more support from the government.

Thailand is in talks with both countries to reduce competition, hoping to create a balance in rice prices in the global market and help farmers have stable income, Pichai Naripthaphan told parliament.

“We have already discussed it, but we are waiting for another meeting to see how much we can do about this,” he said of talks with India and Vietnam.

Paddy prices in Thailand dropped by 30 per cent year-on-year to an average of about 8,600 baht (S$339.87) per ton last month, according to the commerce ministry. Growers are calling for 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, with the commerce ministry expecting a 24 per cent year-on-year decline in rice exports to 7.5 million tons this year.

Vietnam was the world’s third-largest shipper of the grain last year. REUTERS