Thailand plans to boost rice exports

BANGKOK, June 13 (UPI) -- Thailand has launched a five year plan to boost its rice exports in the face of growing competition, the Bangkok Post reported this weekend.

The Agriculture and Cooperatives Ministry announced the new strategy to boost the nation's rice yield from the current 25.8 million tons a year to 33 million tons over the next five years, the paper said. If successful, the program will boost farmers' incomes from 139.586 billion baht in 2003 to 226.742 billion baht in 2008, it said.

Thailand is the world's sixth largest producer of rice and has been the largest exporter of the crop for decades. However, it is now facing growing competition in its traditional export markets from Vietnam and China, the Bangkok Post said.