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Lethal Floods Destroy Crops
28 October 2010
THAILAND – Flooding in Thailand has spread through half of the country, damaging three per cent of agricultural land, as well as killing at least 68 people.
Thailand's Finance Ministry said that the nation's worst flood event in 50 years may cause as much as 20.2 billion baht (£425.6 million) worth of damage to crops and land, and could reduce economic growth by 0.2 per cent this year, Bloomberg BusinessWeek reported.Around 1.6 million acres of farming land has been affected by the deluge, according to figures released by the Office of Agricultural Economics.
The main rice crop could decrease by 4.3 per cent this year, putting pressure on already-strained global stocks. Thailand is the world's largest rice-exporter.
However, although rice production is likely to fall, sugar cane and corn are expected to only have minor damage, Apichart Jongskil from the Office of Agricultural Economics said.
Yesterday, experts predicted that the price of rice would continue to rise, as floods destroyed paddies in other Asian countries such as Vietnam and the Philippines.
TheCropSite News Desk
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