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Palm oil price is pegged at 47 THB a liter for another 3 months

BANGKOK, 4 April 2011 (NNT)-Commerce Minister Pornthiva Nakasai said Thailand continues to reap benefits from border trades with this year growth expected to expand by 22% which accounts for 90 billion baht while the forecast for next year has seen the number of Thai export value increase to 1 trillion THB.

However, Ms. Ponthiva said natural disasters are the biggest threat to Thai export, citing the declining number of natural resources used as raw materials for various types of productions. Other factors including insufficient fuel, which could be replaced by farm products as alternative sources of energy, political conflicts in the Middle East and Africa as well as currency fluctuations and oil prices.

She further added that the Commerce Ministry would continue to maintain fresh food products such as rice, coffee beans, palm oil, durian, longan, frozen chicken and prawn and cassava. Agro-industry will come under the nation-wide management to promote stability for farming in which the Ministry will oversee the cost of production and the inflationary rate which is expected to rise no further than 3.7%.

As for prices of palm oil, Ms. Pornthiva said that the selling price wiould remain at 47 THB a liter for another 3 months while the Palm oil Fund will deliberate on whether to float the price or not as the supplies of palm oil have increased. She reasoned that the price will eventually come down to a normal level.


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