2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers
"We aim to raise rice prices, increase farmer income and increase bargaining power in the global market," Thanakorn said on Friday, per Reuters."The rice price has been low for more than 20 years while the cost of production has been increasing."
Thailand and Vietnam are the world's second- and third-largest rice exporters after India.
Vietnam's Food Association played down the prospect of measures to boost prices ahead of a June meeting with its Thai counterparts. "The meeting will focus on measures to cooperate in sustainable food production," Nguyen Ngoc Nam, the chairman of Vietnam's Food Association, told Reuters."It's not reasonable to talk about raising or controlling rice prices at this time when the global food price is on the rise."
Neither Thailand nor Vietnam are facing a shortage in rice supply this year, according to data from the
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