Rice Surplus Reportedly Causes Falling Prices

A surplus in rice production has led rice prices to fall to 320,000 riel a ton from 330,000 riel, according to Reuters.

“The price of our paddy is getting lower and lower because we’re getting a lot more coming from farmers,” Tes Eda, the director of the Commerce Ministry’s food department told Reuters. He said the price should drop further, despite increased buying from Viet­namese traders.

Chan Tong Yves, secretary of state for the Ministry of Agri­culture said the surplus is up to 230,000 tons. As the prices go down, Vietnamese exports are expected to increase from 100 tons a day to 200 tons a day, Tes Eda was quoted as saying.

A Battambang province far­mer who identified himself as Soeun said the reduction might be due to an increase in checkpoint taxes at the Thai-Cam­bodian border. “Thai dealers want to export rice from Cam­bodia, but Cam­bodian dealers dare not sell their harvest because the checkpoints are taking higher taxes,” he said.

 

 

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