Exports feel tremor of bad quality Thai rice news

[webfact]

Exports feel tremor of bad quality rice news

BANGKOK (NNT) - Deputy Minister of Commerce Yanyong Puangrach has admitted that the news about rotten and contaminated rice has affected Thai rice exports. The country’s trade partners have demanded more quality assurance letters.

Mr Yanyong said Prime Minister Yingluck shinawatra had asked him to urgently tackle the problem of rice quality, especially in terms of humidity and contamination, since the problem severely affected consumer confidence. A center had been set up to prevent spoiled packaged rice, the deputy minister said.

The alleged substandard Thai rice had slightly damaged the country’s rice exports, Mr Yanyong said.

The ministry is now figuring out suitable pledged prices with farmers for the rice pledging scheme for the year 2013/2014's crop. The farmers have reportedly showed more flexible stance on the matter. Sources from the government said the government will find measures to reduce production costs of and further assist rice farmers by August this year.


-- NNT 2013-07-20

[jaltsc]

"Deputy Minister of Commerce Yanyong Puangrach has admitted that the news about rotten and contaminated rice has affected Thai rice exports... Mr Yanyong said Prime Minister Yingluck shinawatra had asked him to urgently tackle the problem of rice quality..."

Someone should inform them that the rice situation is like a pregnant woman. There is no way they can unscrew it.

[jaidam]

This absolutely highlights the danger of having a government that lies on a daily basis. Nobody trusts anything they say, and the louder they shout that their rice is safe, the less it is believed.

[Thai at Heart]

And their fantastic indecision made the whole thing just so much better and reassuring.

[OzMick]

Saying that contamination worries has affected rice sales is like claiming water damage to the carpets has slowed ticket sales on the Titanic.

Edited July 20, 2013 by OzMick

[ggold]

A center had been set up to prevent spoiled packaged rice, the deputy minister said.

Is this a hub within a hub or just a load of hubbub?

[Tatsujin]

So . . . another nail in the coffin of the rice scheme.

When will they ever learn that if you lie so much about EVERYTHING, those that do not reside in Thailand will see through it in a heartbeat.

Well, I guess it's a bit of karma kicking back, you reap what you sow.

[Bluespunk]

the real culprit for the damage done to Thai rice exports is PT's mickey mouse economics rice scheme. If the pm and the deputy minister of commerce [in fact the whole cabinet] want to see what caused rice exports to plummet all they have to do is look in the mirror

[Thai at Heart]

Is there not one marketing bloke in any of these companies who has learnt anything from Tylenol, or other marketing mishaps where they tried and failed to manage the message.

Transparency and the truth is king. Oh, I forgot where I was. As for suing, that has to be the biggest own goal ever.

[GentlemanJim]

The alleged substandard Thai rice had slightly damaged the country’s rice exports, Mr Yanyong said.

What exports?

Seems that Yingluck and Co will be praying to the God's and thanking them for this alleged rotten rice scandal, anything to take the heat of the real reason why international consumers have lost confidence in Thai rice, and it all conveniently hides from view the real engineers of this national disaster, because that is exactly what it is.

I imagine this all came about because big brother T had meetings with senior people in his country of residence who told him how easy it was to control world oil prices by creating shortages and over several bottles of rice wine he thought "Hmmm I have a cunning plan, I must set up a skype conference call, PTP do what I think! The situation now is completely dire. IF I was in control of imports to any country world-wide and a ship full of Thai rice came in to port I would turn it around straight away and tell it to go somewhere else. There are plenty of other places to get good rice from.

Still one can only hope for karma to kick in as the real people PTP have hurt are the poor, their client/voter base. Wait for 2014 to see the real effects of this epic fail.

[Head Snake]

The article only states that the trade partners want more quality assurance letters. Its simple - just write them and send them. No more videos of any politicians of the ricecream gang, no talking into the microphone. Easy.

[Pimay1]

The alleged substandard Thai rice had slightly damaged the country’s rice exports, Mr Yanyong said.

I like that.

[Scott]

A post with an incorrect name for a politician has been deleted.

[drdoom6996]

Just yesterday they said the reports had "no effect" and everything was going as normal. Today?????????????????????????????????????????? No one know what all the problems are/will be with the Rice Scam.

[ratcatcher]

the real culprit for the damage done to Thai rice exports is PT's mickey mouse economics rice scheme. If the pm and the deputy minister of commerce [in fact the whole cabinet] want to see what caused rice exports to plummet all they have to do is look in the mirror

And Dubai.?

[Neilly]

Exports feel tremor of bad quality rice news

Som Nom Naa

[rbrooks]

More quality insurance letters? I can see it now, someone in the agriculture government office working overtime to copy several of these letters to go to the rice manufactures for a price.

[thhMan]

The world is beginning to look at Thailand as the little <deleted> in the corner that lies all day

[looping]

Still one can only hope for karma to kick in as the real people PTP have hurt are the poor, their client/voter base. Wait for 2014 to see the real effects of this epic fail.

Don't worry they'll offer the monkeys a few more peanuts, along with some (not so) veiled threats and all will be forgotten. Maybe they can make some Lao Khao from the rice

Don't forget, Thais don't mind corruption as long as they (appear to) benefit from it.

Problem is, Abhisit can't relate to the masses and isn't prepared to stoop as low as the current govt.

In short, Thailand is doomed. Hub of doom and gloom.

[looping]

Still one can only hope for karma to kick in as the real people PTP have hurt are the poor, their client/voter base. Wait for 2014 to see the real effects of this epic fail.

Don't worry they'll offer the monkeys a few more peanuts, along with some (not so) veiled threats and all will be forgotten. Maybe they can make some Lao Khao from the rice

Don't forget, Thais don't mind corruption as long as they (appear to) benefit from it.

Problem is, Abhisit can't relate to the masses and isn't prepared to stoop as low as the current govt.

In short, Thailand is doomed. Hub of doom and gloom.

[rubl]

Moody has said it is likely that the loss on the 2011/2012 352 billion spent on rice will grow from 137 billion a month or two ago to 200 billion at the end of the year. No figures yet on 2012/2013 but with a similar amount spent the loss may surprise all.

Thailand the hub of surprises

[NeverSure]

It isn't possible to calculate the loss. Rice is missing, rice has been imported...

The "loss" is the difference between what the government paid for the rice, and what it ultimately sells it of, if ever.

From a number of recent articles on here, we know:

1. There is a "revolving fund" at the government owned Agricultural Bank of 500 billion baht to pay for the rice. That amount is all used up.

2. The government had to borrow another 200 billion baht when the original 500 was used up, bringing the total borrowed to 700 billion baht.

3. The government took 1/2, or 100 billion baht of the Ag Bank's capital, bringing the total to date to 800 billion baht.

4. There is another rice harvest due which will cost the government about 200 billion baht, bringing the total to 1 trillion baht.

5. None of this is on the books as government debt, because they claim they have rice to sell to pay it back. It's supposed to pay for itself.

6. The government paid at least 50% more for the rice than it was worth when it was new and fresh, causing a loss of about 300 billion baht.

7. No one knows how much rice is spoiled or stolen, leaving an additional loss that's unknown.

8. Some of this rice is as old as 2002.

9. There are questions about the periodic fumigation of the rice in long term storage, causing questions about whether it is any good at all.

10. The bottom line is that we know about the $1 trillion spent, but we know absolutely nothing about the value of any rice to sell and pay it back.

11. Apparently the government can't or won't lower the price of the rice, take the loss and clear out the books.

12. The Ag bank, with only 100 bil baht in capital but about 1 tril in what appear to be bad rice loans is defunct - broke.\

13. As long as the government doesn't sell rice at a loss, it can continue to claim it on the Ag Bank's books at full value purchase price. This is why they won't sell it.

Bottom line - there is no official accounting of the amount or value of the rice, and no way to tell how big the loss will be.

It is big enough to break the government. Period. And the rice sits and rots because they can't sell it and take the hit at the Ag Bank.

[OzMick]

This same government wants to borrow B2.2 trillion, with a repayment taking 50 years, to develop infrastructure. After losing a trillion down the rice hole, in a scam that still continues, why is not fair to say that they have set back infrastructure development in this country by at least 20 years?

[waza]

Exports feel tremor of bad quality rice news

That tremor will set off an economic tsunami that will cover every corner of this country and effect the quality of life of all Thai for generations to come. Hopefully it will also sweep the country clean of the Shinawatra Clan too.

In the future when someone does something incredible stupid it will be termed a Thaksin.

Edited July 21, 2013 by waza

[catmac]

So there we have it. Almost total collapse of profitable rice exports, the collapse of farmed shrimp exports, Toyota scaling back production, time for an announcement from the Trade Minister of "record exports"!

[Thai at Heart]

Patently, Thai companies cannot be trusted with the Thai rice industry. Time to open it up to foreigners who might at least, act with some integrity and transparency.

The farmers would love it too, more buyers, more competition, better prices.

[jpeg]

This absolutely highlights the danger of having a government that lies on a daily basis. Nobody trusts anything they say, and the louder they shout that their rice is safe, the less it is believed.

True representatives of their citizenry then.

[h90]

"Deputy Minister of Commerce Yanyong Puangrach has admitted that the news about rotten and contaminated rice has affected Thai rice exports... Mr Yanyong said Prime Minister Yingluck shinawatra had asked him to urgently tackle the problem of rice quality..."

Someone should inform them that the rice situation is like a pregnant woman. There is no way they can unscrew it.

No it is not, specially on Government to Government deals.....You sell it and with some money under the table the rice is perfectly nice and clean. And once it is eaten by some poor people who have no voice it is basically "unscrewed".

There are a lot dirty things with food and once it is eaten there is no evidence anymore.....

[catmac]

Patently, Thai companies cannot be trusted with the Thai rice industry. Time to open it up to foreigners who might at least, act with some integrity and transparency.

The farmers would love it too, more buyers, more competition, better prices.

So true, but do you remember the uproar that happened some time ago when it was discovered that a Singaporian trader was doing just that!