According to the Commerce Ministry, Thailand is arranging talks with Vietnam and India to address the problem of falling rice prices brought on by overstock. India and Vietnam are the world’s two largest rice exporters, thus, they must play an important role in any market stabilisation efforts.
Commerce Minister Pichai Naripthaphan revealed the plan in Parliament in response to concerns made by People’s Party MP Narongdet Urankul. Narongdet enquired about the fate of Thailand’s estimated 2.2 million tonnes of unsold rice. Pichai indicated that the conversations with India and Vietnam would center on coordinated market strategies for managing competition and preventing additional price decreases. The primary objective is to protect the livelihoods of rice farmers in the three countries.
Additionally, the ministry has engaged with African countries as possible markets for Thai rice. Pichai claimed that a 370,000-tonne contract has already been negotiated, with a visit scheduled later this month to finalise negotiations.
Pichai pointed out that Japan imports one million tonnes of bananas each year, but Thailand only exports 2,000 tonnes. He believes that moving to banana growing might greatly increase farmers’ income. However, Narongdet expressed scepticism, questioning the practicality of switching from rice to bananas.
