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12 Oct 2022

Econ Digest

Floods in this rainy season affect in-season rice…damage estimated at approximately THB3 billion


        The current flooding in many regions of Thailand is expected to affect the yields of rainy season crops like in-season rice, which is gradually being harvested and brought to the market during this period, particularly in northeastern and northern regions, where the majority of jasmine rice is produced and has been hit by heavy rains from storms entering Thailand. KResearch projects that the damage caused by floods to the in-season rice in August and October 2022 may amount to around THB2.9-3.1 billion, and could drive up the average rice price in this period to stay at the high level of THB10,000-11,000 per ton, which is close to the situation in the first 8 months of this year.

        In October 2022, Thailand may still be affected by tropical storms. Therefore, the severity/number of storms that may damage the in-season rice production should still be monitored, as more rice will be harvested during his period. If the severity of storms increases and results in more in-season rice fields being affected, the amount of damage could be higher than the upper limit of the preliminary assessment. The heavy rain situation should ease in November 2022, when most or 65% of in-season rice output is harvested and brought to the market. However, farmers may face lower rice prices due to high moisture content of rice and seasonal factors.

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