Thailand hopes to sell all rice stockpile in 2017’s first-half
Thailand plans to sell its entire rice stockpile of 8.01 million tonnes in the first half of 2017, starting with the auction of 2.87 million tonnes of high-quality rice on February 16.
Bangkok (VNA) – Thailand’s Ministry of Commerce said that the country plansto sell its entire rice stockpile of 8.01 million tonnes in the first half of2017, starting with the auction of 2.87 million tonnes of high-quality rice onFebruary 16.
The remaining rice,which is of lower quality, will be sold to food and industrial processorsbetween March and May.
According to Director Generalof the Ministry of Commerce’s Department of Foreign Trade, Duangporn Rodphaya,the auction on February 16 is expected to reduce pressure on the rice price onthe world market, while easing the storage costs for Thailand.
It is forecastthat Thailand’s rice exporters will have a difficult year in 2017 with thestrong increase of rice supply while the demand of the market is lower thanlast year.
According to areport released by the Thai Rice ExportersAssociation on February 4, the country will export around 9.5 million tonnes ofrice at an estimated value of 150 billion THB (4.3 billion USD) in 2017. Lastyear, Thailand shipped abroad 9.88 million tonnes for 154 billion THB.
Competition from other riceexport countries, the low rice price and the devaluation of the baht are citedas reasons behind the reduction in Thailand’s rice export value.
However, Thailand is expectedto keep its position as the world’s second largest rice exporter after India.-VNA
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Illustrative image (Source: VNA)
