Rice producing countries Thailand and Vietnam jointly consider raising rice prices
New Delhi: Thailand and Vietnam are the second and third largest exporters of rice in the world, after India. According to a report, the two top rice producers in the world are in talks to raise rice prices.
“We aim to increase rice prices, farmers’ incomes and bargaining power in the global market,” Thai government spokesman Thanakorn Wangbunkongcha said on Friday. The price of rice has been low for more than 20 years while the cost of production has been steadily rising.
With wheat prices soaring, rising rice prices will have a negative impact on billions of people around the world.
Thailand’s Commerce Minister Jurin Lakshnavisit said his country’s rice exports had picked up this year due to a recovery in global demand and the currency’s three-year low against the US dollar.
Vietnam’s Ministry of Agriculture has so far refrained from making any statement on the matter.
The Vietnam Food Association has ruled out a price hike ahead of a meeting with its Thai counterparts in June.
Consumers may turn to other top rice exporters if rice prices are raised by Thailand and Vietnam. As such, India is the top exporter of rice.
President of All India Rice Exporters Association B. V. According to Krishna Rao, if Thailand and Vietnam try to push up prices, then naturally price sensitive buyers from Africa will turn to India. However, he added that so far no country has approached India to participate in the Rice Cartel.
This year, the benchmark export price of Thai rice has been ડો 50 per metric tonne, which is 12 per cent higher than India’s ૩૬૩ 5 per tonne.