Bangkok (VNA) – Thailand ’s Ministry of Commerce said on July 9 that it will op🍰en bidding on July 25 for 3.7 million tonnes of 𒅌rice.
The initiative aims to reduce the country’s stockpiled rice to about six million tonnes.
Director General of the Foreign Trade Department Duangporn Rodphaya said that 2.18 million tonnes of the amount up for auction would be sold directly to exporters and 730,000 tonnes would be sold for domestic consumption, while the remainder, mostly low-quality rice, would be auctioned for other purposes.
She said the Thai Government expects strong market demand, and the next coming months will be a good time to discharge the stockpiled rice ahead the main harvest season.
She added that this year summer-fall harvest season is expected to come late and rice output is anticipated to go down to 27 million tonnes from 31 million tonnes in 2015, which should make traders more interested in the auction.-VNA
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).
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
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Illustrative image (Source: AFP/VNA)
