15:07 | 13/07/2016 Global Economy
Thailand ’s Ministry of Commerce said on July 9 that it will open bidding on July 25 for 3.7 million tonnes of rice.
Illustrative image (Source: AFP/VNA)
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./.