Thailand Likely Will Struggle to Get Back to No. 1 in Rice Exports – WSJ, September 22, 2013
[Thanks to Tom for pointing this out.]
…So how does Thailand find itself playing catch-up in a game it once dominated?
Two years ago, the Thai government wanted to boost the income of rice farmers, one of the ruling party’s key voting constituencies. So it bought rice at 50 percent prices above the market rates and shoveled it into storage sites, predicting that this would goose up market prices.
But that isn’t what happened. India and Vietnam jumped in to pick up the business with cheaper prices. Thailand was left with excess supplies and debt from the costly subsidy program and storage costs…
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