Bangkok (VNA) – Rice export prices in Thailand hit a two-year high as of﷽ May 23 as the domestic supply decreased due to prolonged d𒆙roughts.
The price of 5 percent broken rice increased to 424 USD per tonne from the previous price of 397 USD. While the price for glutinous rice was quoted at 900 USD per tonne, up from 867 USD.
At the third round of rice auctions in 2016, recently held by the Ministry of Commerce, 48 traders proposed to purchase 1.17 million tonnes of rice from 118 warehouses.
The auction is part of a plan to sell all 11.4 million tonnes of rice in stockpile with the aim to generate 100 billion THB (2.84 billion USD).
The fourth auction is expected to be organised in June.
The commerce ministry forecasts that rice output in 2016 would fall 1.7 percent compared to last year, however, export of the grain will still reach 9.5 million tonnes as in 2015.
Thailand is currently the world’s second largest rice exporter after India. In the past two decades, the country has exported around 10 million tonnes of rice each year.-VNA
The Prime Minister’s Office on February 13 agreed to a proposal on purchasing 1 million tonnes of rice for stockpile in the context of abundant supply from the Winter-Spring 2014-2015 crop harvest in the Mekong Delta region.
Thai rice farmers, millers and exporters have agreed to the government's plan to cut rice production in the 2016-17 crop, according to the local website “Bangkokpost.com”.
Thailand’s government on April 25 announced a plan to sell all 11.4 million tonnes of rice in stockpile within two months with the aim to generate 100 billion THB (2.84 billion USD).
Thai Commerce Minister Apiradi Tantraporn plans to have a working visit to Beijing on May 13 to work with Chinese officials to speed up the sale of 1 million tonnes of rice to China.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative photo (Source: AFP/VNA)
