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Thailand’s agricultural economy drops by 4.2 percent due to drought

The Office of Agricultural Economics (OAE) has revealed that drought crisis has caused the agricultural economy to contract by 4.2 percent during the first half of this year.
The Office of Agricultural Economics (OAE) has revealed that droughtcrisis has caused the agricultural economy to contract by 4.2 percentduring the first half of this year.

OAE Secretary-General LersakRiewtrakulpaiboon said exports of farm goods from Thailand during thesame period declined by as much as 9.4 percent despite better globaleconomy.

The weaker Thai baht and sharp decline in global oilprices have so far this year not boosted the demand for Thai goods, ofwhich the value dropped by 9.4 percent on year.

According to theOAE Secretary-General, cheaper prices of crude oil have promptedAfrican and Middle Eastern countries to lower their imports of Thaiproducts.

The ongoing water shortages have also contributed tolower supplies of produce to domestic markets, Lersak said. However,seafood, livestock and forest products industries remain unaffected andcontinue to expand.-VNA/NNT
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