Bangkok (VNA)🌟 – Thailand’s Commerce Ministry is implementing seven measures to lift rice prices, such as paddy fairs.

Commerce Minister Pichai Naripthaphan said the recent dip in rice prices is primarily due to external factors, notably India's resumption of exports and decreased demand from Indonesia and the Philippines. According to the Department of Internal Trade (DIT), as of February 17 hom mali paddy prices were 15,500-16,500 THB (15,600-16,500 USD) per tonne, up 8% year-on-year, Pathum Thani paddy prices were 11,500-12,700 THB per tonne, a decrease of 16%, and non-glutinous paddy prices were 8,300-9,000 THB per tonne, a decline of 30%. Pichai said the ministry approved urgent measures to address the drop in paddy prices. The DIT is scheduled to convene a National Rice Policy and Management Subcommittee on Marketing meeting on February 20 to focus on formulating support measures for farmers impacted by falling paddy prices. The recommendations will be presented to the National Rice Policy and Management Committee for consideration, he said. The ministry also organised paddy fairs in 20 provinces across the Chao Phraya River basin to enable farmers to sell rice at higher rates. These events are expected to lift prices by 100-200 THB per tonne. The first fair is being held in Ayutthaya from Feb 16-20, with 14 more scheduled to take place through April. Regarding export expansion, Pichai plans to visit South Africa in March to sign a memorandum of understanding to export 300,000 tonnes of rice to the country, valued at more than 5.25 billion THB. The ministry expects to sign a government-to-government agreement with China, seeking to export another 280,000 tonnes of rice to address a glut. Specialised credit support will be offered to rice enterprises, according to the ministry. The ministry will collaborate with the Export-Import Bank of Thailand to offer loans to businesses and rice exporters to facilitate the purchase and storage of more rice from farmers. The ministry also plans to promote Thai rice internationally via the Thailand Rice Convention, which will connect international rice importers for networking and business discussions. For long-term market expansion, the ministry wants to explore new opportunities in the US, Europe and the Philippines, alongside participation in international trade fairs to strengthen confidence in the quality of Thai rice./.