The planned discussion aims to curb falling prices and oversupply, as the Commerce Ministry explores new export opportunities

Thailand is set to hold talks with India and Vietnam about strategies to tackle falling rice prices caused by oversupply, the Commerce Ministry said. India and Vietnam are the world’s two biggest rice exporters. 

Commerce Minister Pichai Naripthaphan announced the plan in Parliament on Thursday in response to a question from People’s Party MP Narongdet Urankul, who queried the future of the reported 2.2 million tonnes of rice that Thailand has yet to sell.  

Pichai said that the talks with India and Vietnam will focus on coordinating market strategies to control competition to prevent prices from falling further, ultimately aiming to support rice farmers across the three countries. 

In addition, he said, the ministry has reached out to African nations, a potential market for Thai rice, and has so far secured a contract for 370,000 tonnes. He intends to travel later this month to finalise the agreement.

Pichai emphasised that the Commerce Ministry is prioritising improving farmers’ livelihoods through multiple initiatives, including promoting alternative high-income crops. He added that in a recent visit to Japan, he learned that the country imports around 1 million tonnes of bananas every year. In comparison, he said, Thailand produces only 8,000 tonnes with an export quota of 2,000 tonnes.  

“If farmers shift to growing bananas for export to Japan, they could earn about 100,000 baht per rai, compared to the 1,000 baht per rai they currently make from cultivating rice,” he said. 

To support this shift, the ministry has invited Japanese trade representatives and importers to inspect a test banana plantation in Nakhon Ratchasima, showcasing the potential profitability of banana farming. 

Narongdet, however, expressed scepticism, saying he wished Pichai had consulted the Agriculture Ministry and relevant experts before proposing such a drastic change. He added that he doubts very much that experts would encourage Thai farmers to drop rice cultivation in favour of bananas.

Published Date: March 6, 2025