Surging Baht Wreaks Havoc On Thai Rice Exports

[webfact]

Surging baht wreaks havoc on Thai rice exports
By Digital Media



BANGKOK, May 1 – Thailand’s export target growth of 8-9 per cent may be reduced due to the volatile Thai currency, according to Commerce Minister Boonsong Teriyapirom.

He repeated his call for the Bank of Thailand (BoT) to provide measures to tackle the appreciating baht, warning that the country’s overall exports will be adversely affected if action is not taken.

Mr Boonsong is scheduled to meet with Thai commercial envoys worldwide late this month to evaluate the situation.

He said the surging baht has also affected the government’s release of a new lot of rice under government-to-government deals as it is difficult to fix the prices.

Thailand may have to sell rice at lower prices and the country may have to suffer unnecessary losses in releasing new stocks, he said.

He stood firm that the government did not approve the release of two million tonnes of rice while the new pledging scheme for the harvest in 2013/2014 has yet to be worked out, probably not until October. (MCOT online news)


-- TNA 2013-05-01

[Thai at Heart]

Hoho. Now it's the baht rate killing rice exports.

Oh, this gets better every day. Next it will be Soros manipulating the baht to ruin Thailand.

[whybother]

Thailand may have to sell rice at lower prices and the country may have to suffer unnecessary losses in releasing new stocks, he said.

Especially since Cambodia is undercutting them, like in a recent sale of rice to the Philippines.

[sjjmmi]

Game over

[lonestarmango]

The baht exchange rate has little to do with the rice debacle. It only makes bad worse. The rice problem was was a bad plan, perfectly executed by arrogant politicians who thought they ran the global rice business. The gov't even went on the open market to buy futures to try to support their 50% over market paddy price. I doubt that those losses will ever be revealed. Thailand should calculate what the loss/vote ends up.

[robblok]

I believe a lot of things and would love a lower baht and while this might be true.. the biggest problem is not the baht but the government stance.

[Thaddeus]

Oh, and there was me thinking it was too expensive because of some little election promise.

[animatic]

Hoho. Now it's the baht rate killing rice exports.

Oh, this gets better every day. Next it will be Soros manipulating the baht to ruin Thailand.

You can taste the desperation in the air.

[animatic]

I believe a lot of things and would love a lower baht and while this might be true.. the biggest problem is not the baht but the government stance.

The biggest problem is not the baht, but the government.

Edited May 1, 2013 by metisdead
Font

[theblether]

Yingluck.............

" What do you mean economic reality applies to Thailand? My big brother said.............. "

[Locationthailand]

Bleating and crying foul after loading the rice price removing Thailand from any competitive market and effectively opening up an oligopoly by dropping themselves out of the market by more than 50%. A brilliant move by the idiots in the PTP, but now - oh the Baht is killing us and it's all the BoT's fault. And people actually voted for this rabble?

[AleG]

From the newspaper-that-shall-not-be-named, exports in general rose 5% in March, I think I'll stick with the disastrous scheme explanation for now.

[Mampara]

For my pennies worth, there are really only three options.

1. Hoard the rice until it gets rotten.

2. Sell at rock bottom prices to get rid of the surplus.

3. Follow the new trend, bypass the wholesaler and sell directly to the distributer.

[givenall]

Hoho. Now it's the baht rate killing rice exports.

Oh, this gets better every day. Next it will be Soros manipulating the baht to ruin Thailand.

Another policy if this government. all they care is to bring Mr. T back and also big project to fill up their own packet. I really think they are aware of effect of ASEAN in Thailand and they are taking what they can as before the ship sink

[seajae]

haha, of course it has nothing to do with the high price set by yhe govt does it, bloody idiots.

[jonclark]

Bleating and crying foul after loading the rice price removing Thailand from any competitive market and effectively opening up an oligopoly by dropping themselves out of the market by more than 50%. A brilliant move by the idiots in the PTP, but now - oh the Baht is killing us and it's all the BoT's fault. And people actually voted for this rabble?

It's the BoT fault because they won't do as we tell them to. And that's not fair!!!!

[Thai at Heart]

From the newspaper-that-shall-not-be-named, exports in general rose 5% in March, I think I'll stick with the disastrous scheme explanation for now.

Surely not, I thought the exporters were all going completely broke, no one was buying anything made in Thailand, and the only remedy was to print money and reduce interest rates to 0.5% so that the baht plummets back to 40 to the USD.

[LuckyLew]

Keep up he good work YS and PTP you are doing a great job

I hope you and your friends like eating a lot of rice

[kimamey]

For my pennies worth, there are really only three options.

1. Hoard the rice until it gets rotten.

2. Sell at rock bottom prices to get rid of the surplus.

3. Follow the new trend, bypass the wholesaler and sell directly to the distributer.

Between options 1 and 2 it's obvious that 2 is better. You'll get some money back and you won't need to pay for as much storage.

[whybother]

It's funny how Thaksin's proxy government can't manage the economy when there is no global economic boom as there was when he was PM.

[Robby nz]

Don't these fellas talk to each other?

Sundays headline from the finance minister.

The market should decide baht value: Govt

[Robby nz]

As I posted on another topic earlier today.

The Govt may be working on a way to get rid of some of the rotten rice.......give it to the old people.

...................................................................

It would seem that when the Govt gives a pension to those over 60 they also give out 1 bag of rice each.

The Mrs who plays on facebook tells me that there has been an article on there about the old people in Phitsanulok complaining bitterly about the rice they have been given.

It seems what they have been given is rotten and inedible, they say even the dogs wont eat it when cooked.

According to the packaging it is said to be 5% white rice, the rest the people are saying is all colors, black, brown, green etc.

Someone who does facebook might like to look it up and report back.

[chainarong]

Hoho. Now it's the baht rate killing rice exports.

Oh, this gets better every day. Next it will be Soros manipulating the baht to ruin Thailand.

You heard that to

[OzMick]

If you wish to start a war, a couple of things very handy to have is a large pool of disgruntled unemployed (as in rice farmers no longer able to sell their product) and the means of feeding them for the duration.

Edited May 1, 2013 by OzMick

[Bluespunk]

Nice try boys but we all know why Thailand's rice exports have collapsed. Nothing to do with baht and everything to do with your criminally incompetent rice policy. As we sing on the terraces "you don't know what you're doing".

[NongKhaiKid]

I believe a lot of things and would love a lower baht and while this might be true.. the biggest problem is not the baht but the government stance.

Cabinet Ministers and officials of BoT talk a lot but do absolutely nothing except " after you Claude " when it comes to making decisions. I suppose if you don't make a decision you can't be criticised for making the wrong one and self-preservation is the name of the game here.

[TomTao]

The government has been forced to sell rice at a lower price then what it was purchassed at before now, but now there is a convenient excuse to use for the huge economic loss resulting from the rice pledging scheme, 'its not our fault, the Baht did it'.

[scorecard]

Bleating and crying foul after loading the rice price removing Thailand from any competitive market and effectively opening up an oligopoly by dropping themselves out of the market by more than 50%. A brilliant move by the idiots in the PTP, but now - oh the Baht is killing us and it's all the BoT's fault. And people actually voted for this rabble?

It's the BoT fault because they won't do as we tell them to. And that's not fair!!!!

Correction: It's the BOT and Constitution Court's fault because they won't do as we tell them to. And that's not fair!!!!

[mancub]

Not sure if I read it right, but if this year's pledging isn't worked out until October, then there may be a lot of disgruntled farmers in November , if they no longer see the rewards for their endeavour having the value that they've become accustomed to .

[MAJIC]

For my pennies worth, there are really only three options.

1. Hoard the rice until it gets rotten.

2. Sell at rock bottom prices to get rid of the surplus.

3. Follow the new trend, bypass the wholesaler and sell directly to the distributer.

Or feed it to the chickens,and then complain it got stolen.