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Thailand approves measures to stabilise paddy rice prices

10 November 2023

Government spokesperson Chai Wacharonke (left) and Commerce Minister Phumtham Wechayachai (right) at a press conference, today (Credit: Government House)

BANGKOK, Nov. 7 (Bernama) -- Thailand's Cabinet approved measures to stabilise prices for paddy rice, including providing loans to help farmers delay the sales of their paddy rice for five months, following a dip in the commodity’s prices recently.

Government spokesperson Chai Wacharonke said the measures will be in place until the end of February next year. 

“The government will provide a credit of 12,000 baht (100 baht = RM13.13) per metric tonne and a storage fee of 1,500 baht per metric tonne for five months with a target of 3 million metric tonnes for five months.

“The government will also provide credit to farmers’ groups to intervene in the paddy rice market including (to) purchase paddy rice at a price of 12,200 baht per metric tonne with a target of 1 million metric tonne.

“These two measures will cost 10.6 billion baht in total,” he said at a press conference here today.  

The price of Thai rice is expected to drop at the end of this year as the new harvest season begins.

As of Nov 1, Thailand’s 5 per cent broken rice was priced at US$584 (US$ 1 = RM4.67) per metric tonne, down from  US$597 on October 4, while the  25 per cent broken rice was priced at US$558 per metric tonne, down from US$566 on Oct 4.

The price of Thai Jasmine Rice also dropped to US$706 per metric tonne from US$745.

Source : bernama