BANGKOK, 3rd August 2019 (NNT) – The latest estimate from the University of Thai Chambers of Commerce (UTCC) shows the drought disaster this year has affected some 1,330 square kilometers of farmland, most of which is rice farms, with initial damage estimated at about 10 billion baht.
The University of the Thai Chambers of Commerce (UTCC) has conducted a survey on this year’s drought disaster, compiled from agricultural government agencies and private firms with 109 data samples nationwide. The survey has concluded the agricultural sector has been affected the most from the disaster, especially in the northern and northeastern region, affecting farmer’s yields and incomes.
According to data from the Department of Agricultural Extension as of 1st August 2019, 1,341 square kilometers of farmland has been affected by the drought disaster this year, most of which is rice farms at 656 square kilometers with damage estimated at 7.5 billion baht, followed by maize farms, sugar cane for factories, and tapioca, raising the overall damage estimate to 9.8 billion baht.
UTCC’s Center for Economic and Business Forecasting’s (CEBF) Director, Thanawat Polvichai said today that the Department of Disaster Prevention and Mitigation has lifted the disaster affected area status in most places, leaving only one province remaining, which is expected to help alleviate the crisis thanks to the government’s water management and rainmaking operations. However, the center expects the damage to reach 18 billion baht should the crisis continue for another month.
The overall damage is expected to escalate to 37 billion baht should the drought extends to September, as the wet season rice cultivation cycle would be affected; that would lower expected Thai economic growth to 2.9 percent from 3 percent.
The Thai Chamber of Commerce Vice Chairma, and central region economic development committee chairman Jit Siratranont, agree that wet crop rice cultivation could be saved should the rain start to fall during this period, adding that the government should urgently provide farms with the necessary support and stimulate the economy in various respects, as the drought if prolonged, will affect the grassroots economy in addition to a slowdown in the export sector.
Ministry of Commerce pushes for exports to offset trade war aftermath
The Board of Trade of Thailand’s Chairman has proposed temporary border trading points be upgraded to permanent ones and more centers for the distribution of SME goods be opened
Fruit farmers coping with oversupply and price slumps
Thai Government vows to help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce said.
BANGKOK, August 2019 (NNT) – To help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce has recently used Section 44, of the interim constitution, to engage government and private agencies in assisting them in terms of marketing to help sell the produce, including mangosteens, Lansium demesticum, rambutans, longans and other seasonal fruit.(more…)
Restaurant business in Thailand…is it still worth investing ?
Restaurant business tends to be constantly growing as a result of structural change like smaller household and changing consumer lifestyle.
Restaurant business still has a chance to grow amidst economic fluctuation. EIC estimates a 4-5% business expansion in 2019-2020 as a result of changing population structure: smaller household, urban expansion and changing consumer lifestyle.(more…)
Thailand Ecommerce Market: Shooting For Success
At present, the Thai ecommerce market is valued at USD 3.5 billion. According to a Google Temasek study, Thailand’s e-commerce...
Aspire Set to Become First SME Neobank in Southeast Asia with US$32.5 Million Raise
The recent financing has been led by Mass-Mutual Ventures Southeast Asia with participation from Silicon Valley’s Arc Labs and existing...
How is Thailand Bringing Technology to the Table?
In Asia, a country like Thailand has taken the initiative to implement agricultural biotechnology in its industry. The country has...