a country which exports a lot of rice is called
Rice production in Thailand
Campaigning for the office of prime minister in 2011 , Yingluck Shinawatra pledged to support rice farmers with a plan to purchase rice at above market prices . In June 2011 rice prices were at record highs and Thailand was the world 's leading exporter . The Yingluck promise was to buy unmilled paddy rice at 15,000 baht per tonne and premium Hom Mali rice at 20,000 baht per tonne , prices 50 percent or more above the market . The government moved to `` buy every grain of ( Thai ) rice '' and store it . This , it was thought , would cause world prices to spike . The Thai government would then sell the stockpiled rice at record prices for a profit . Yingluck was elected in September 2011 . One week later India lifted its ban on rice exports . Ten million tons of Indian rice flooded the market . Vietnam then lowered its prices . Global prices plummeted . A year later Thailand was no longer the leading rice exporter , dropping to number three after India and Vietnam . Thailand had stockpiled 17 - 18 million tons of rice that could not be sold at prices covering the purchase price , administration , and storage . Somporn Isvilanonda , a researcher at the Knowledge Network Institute of Thailand , estimated that the government had to sell its rice for at least US $800 ( 25,000 baht ) a tonne to recoup a pledge price of 15,000 baht a tonne . But white rice in 2012 was selling for just US $575 a tonne , and Vietnam sold its rice at only US $450 a tonne . In June 2013 , the international credit rating firm , Moody 's , brought the scheme 's results to the world 's attention , reporting that the program would cost up to eight percent of Thailand 's national budget and thus force Moody 's to reassess the government 's credit rating . In its first year , the cost to the Thai government was US $12.5 billion and was expected to rise to US15 billion in 2014 . Meanwhile , the rice in storage was deteriorating and suspicions grew that it was being adulterated for profit with the addition of low quality rice from neighbouring countries by criminal gangs and corrupt officials .
Campaigning for the office of prime minister in 2011 , Yingluck Shinawatra pledged to support rice farmers with a plan to purchase rice at above market prices . In June 2011 rice prices were at record highs and Thailand was the world 's leading exporter . The Yingluck promise was to buy unmilled paddy rice at 15,000 baht per tonne and premium Hom Mali rice at 20,000 baht per tonne , prices 50 percent or more above the market . The government moved to `` buy every grain of ( Thai ) rice '' and store it . This , it was thought , would cause world prices to spike . The Thai government would then sell the stockpiled rice at record prices for a profit . Yingluck was elected in September 2011 . One week later India lifted its ban on rice exports . Ten million tons of Indian rice flooded the market . Vietnam then lowered its prices . Global prices plummeted . A year later Thailand was no longer the leading rice exporter , dropping to number three after India and Vietnam . Thailand had stockpiled 17 - 18 million tons of rice that could not be sold at prices covering the purchase price , administration , and storage . Somporn Isvilanonda , a researcher at the Knowledge Network Institute of Thailand , estimated that the government had to sell its rice for at least US $800 ( 25,000 baht ) a tonne to recoup a pledge price of 15,000 baht a tonne . But white rice in 2012 was selling for just US $575 a tonne , and Vietnam sold its rice at only US $450 a tonne . In June 2013 , the international credit rating firm , Moody 's , brought the scheme 's results to the world 's attention , reporting that the program would cost up to eight percent of Thailand 's national budget and thus force Moody 's to reassess the government 's credit rating . In its first year , the cost to the Thai government was US $12.5 billion and was expected to rise to US15 billion in 2014 . Meanwhile , the rice in storage was deteriorating and suspicions grew that it was being adulterated for profit with the addition of low quality rice from neighbouring countries by criminal gangs and corrupt officials .