Thailand's rice exports likely to reach 10m tons in 2018

BANGKOK, May 25 (TNA) - Thailand's rice exports are expected to meet the official target of about 10 million tons in 2018, set by the Ministry of Commerce, thanks partly to new bidding contracts in the Philippines won by the Thai private sector. Commerce Minister Sontirat Sontijirawong told journalists on Friday that four Thai private rice exporting firms won bidding contracts for the purchase of 212,500 tons of 25 per cent white rice, launched by the Philippines' National Food Authority (NFA) earlier this week. Sontirat said the new contracts, won by the Thai firms, account for up to 85 per cent demanded by the Philippines under its government to private sector (G to P) program. Sontirat stated that the new contracted rice exports, set to be shipped to the Philippines by July-August 2018, will be additional shipments to Manila, following an earlier contract of about 120,000 tons won by his ministry's Department of Foreign Trade under the government-to-government (G to G) program and set to be delivered to the Philippines by next month. According to the minister, exports of Thai rice during the first five months of this year stood at about 4.28 million tons, a 2.64 per cent year-on-year increase, totally worth 2.18 billion US dollars, a 23.26 per cent year-on-year increase, with China, South Africa, Indonesia and the Philippines being the top five importing markets of Thai grains. The minister, thus, anticipated that Thailand's total rice export this year should meet his ministry's target of about 10 tons. (TNA)