India Queen Classic
India Queen Classic

The Thailand Ministry of Commerce has decided to release one million tons of rice from its stockpiled through auction to be held this month and will sign a G-to-G deal will China for the sale of two million tons of rice to China within July.

Commerce Minister General Chatchai Sarikulya, has given his approval to Department of foreign trade to announce the auction publically to offload one million tons from government stockpile. One million ton of rice will include both quality and substandard rice. Bidders are expected to submit their respective bids in the mid of this month.

It is expected that one million ton will be sold out very easily as the demand is at its peak from the market, he said. From the beginning of this year, government has offloaded three million tons of rice from its stockpile.A total of 496,243 tonnes worth 7.85 billion baht were sold in the first auction and 780,000 tonnes worth an estimated 8 billion in the second

As for the G-2-G deal with China, he disclosed that the agreement to sell 2 million tons of rice would be made this month. Of this two million ton of rice, one million would be from old crop and another one million will be from new crop.

In the meantime, Thailand has already delivered 400,000 tons of rice to China under a previous contract for the purchase of one million tons of rice that was signed last year. Another 100,000 tons will soon be delivered in accordance with this contract.

He also said that they will offer a bid to sell rice to Philippine this month and has expressed his confidence that this year Thailand would be able to achieve sale volume of 10 million tons and 7 million tons next year.