July 20, 2007

Thailand helps shrimp farmers through pledging higher prices

Thailand is using THB 300 million (US$9.97 million) to subsidise shrimp farmers by buying their shrimps at a higher price than the current market prices.

The move was in response to low prices caused by oversupply recently. 

The Farmers Assistance Measurement Policy Committee said that it would use the money for a three-month Vannamei shrimp-pledging programme, starting next month.

Commerce Ministry spokesman Krisda Piampongsant said the pledging price will be 10-20 per cent higher than the market price and would be limited to those below THB 2 million (US$66,000).