Thailand Sells 1.66 Million T of Rice From State Stockpiles

08.06.2017

Thailand sold 1.66 million tonnes of rice worth $49 million from state stockpiles on Wednesday (07/06), the commerce ministry said.

The amount sold accounted for 90 percent of the amount open for auction last month.

Thailand is the world's second-biggest rice exporter after India, and still has stocks of about 3 million tonnes left over from the previous government's rice-buying scheme, which paid farmers well above market rates.

The current military government has been trying to sell off stockpiles from the scheme through several state auctions since it took power in 2014.

It said it will be able to offload the remaining stock, including 160,000 tonnes of rice and 2.7 million tonnes of spoiled rice, by year-end.

Thailand officially aims to export 9.5 million tonnes of rice this year, but the commerce ministry said 10 million tonnes was also achievable.


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