10:54 | 25/01/2016 Global Economy
Thai rice farmers, millers and exporters have agreed to the government's plan to cut rice production in the 2016-17 crop, according to the local website “Bangkokpost.com”.
Illustrative image (Source: bangkokpost.com)
After a meeting with the sector’s representatives on January 18, Commerce Permanent Secretary Chutima Bunyapraphasara said all parties have agreed to slash the output to 25 million tonnes of paddy or 16.5 million tonnes of milled rice in response to domestic and global demand.
Thailand usually produces 30 million tonnes of paddy or 19.8 million tonnes of milled rice. Half of which serves domestic consumption and the other for exports.
Chutima said paddy prices are expected to stay unchanged this year at 7,500 to 8,000 THB a tonne, while Thailand will export only 9 million tonnes, with 60-70 percent being newly harvested grain./.