BANGKOK, 10 April 2017, (NNT)
According to the Thai Commerce Ministry, the Philippines is planning to increase its rice imports by 130 million tons this year, as part of its food security program, which provides opportunities to Thai exporters.
Deputy Director-General of the Department of Foreign Trade, Keerati Rushchano made the comment following his visit to the Southeast Asian nation. He indicated that the country's National Food Authority revealed the policy to import one million to 1.3 million tons of rice this year, a huge jump from last year's 450,000 tons.
The Deputy Director General explained that the Philippines' program will result in more auctions for rice with 5%, 10% and 15% moisture content, available for foreign countries. He said this move presents an opportunity for Thai exporters to seek Government-to-Government or private company to private company rice deals. He added that deals with the nation of islands, will offer a large distribution platform for incoming new rice and will likely boost the price of local grain.
Thailand's average rice export to the Philippines stands at 400,000 tons a year. The Kingdom has already exported 193,000 tons of rice to the country in January and February, an increase of 89.22% when compared with the same period last year.
Source: NATIONAL NEWS BUREAU OF THAILAND (NNT)
Illustration Photo: rice bag (Public Domain from Pixabay.com)