Thai government profits from increasing Philippine rice imports

[snoop1130]

 

As the Philippines’ demand for rice imports swells, the Thai government is capitalising on this increasing requirement.

 

The Southeast Asian country is set to import more rice this year than previously estimated, providing a lucrative opportunity for Thailand’s rice export market.

 

Commerce Minister Phumtham Wechayachai has thus instructed the Department of Foreign Trade (DFT) and the commercial attaché in the Philippines to negotiate a deal to intensify the sale of Thai rice, which is known for its competitive pricing and superior quality.

 

In an effort to explore global trade opportunities for Thai entrepreneurs, Minister Wechayachai recently tasked the DFT and commercial attachés worldwide. The US Department of Agriculture’s Foreign Agricultural Service anticipates the Philippines to import approximately 4.1 million tonnes of rice this year.

 

This figure represents an increase of roughly 200,000 tonnes or 5.1% from its February estimate of 3.9 million tonnes. It is thought that this rise is due to smaller harvests from local farms. If these predictions hold, this would mean a 14% rise compared to the 3.6 million tonnes of rice imported by the Philippines in 2023.

 

Contrary to the anticipated global rise in rice output to 515.4 million tonnes, primarily due to an expected larger crop from India, the agency revised its milled rice production forecast for the Philippines. They adjusted it down to 12.3 million tonnes from an earlier estimate of 12.5 million tonnes.

 

Last year, Vietnam was the primary source of the Philippine’s rice imports, accounting for 82%. The remainder was sourced from Thailand, Myanmar, Pakistan, and India, among others. Minister Wechayachai has directed concerned agencies to expedite the development of new commercial rice varieties, particularly those high in amylose content favoured by the Philippines.

 

This is part of an effort to regain market share for Thai rice producers, reported Bangkok Post.

 

In related news, the Thai government launched 300,000 baht loans for self-employed, In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance.

 

By Alex Morgan

Caption: PHOTO VIA: Pierre Bamin FROM:Unsplash.com

 

Source: The Thaiger 2024-04-15

 

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[hotchilli]

14 hours ago, snoop1130 said:

In an effort to explore global trade opportunities for Thai entrepreneurs, Minister Wechayachai recently tasked the DFT and commercial attachés worldwide. The US Department of Agriculture’s Foreign Agricultural Service anticipates the Philippines to import approximately 4.1 million tonnes of rice this year.

I hope they don't send the 10-year old aged rice?

[john donson]

millions of tons rotting in warehouses and costing hundreds of millions to keep it

[Srikcir]

6 hours ago, hotchilli said:

I hope they don't send the 10-year old aged rice?

Apparently not an issue.

"Phumtham taste-tests rice held in Surin since rice-pledging scheme", March 15, 2024, nationthailand.com

• "Phumtham said that after inspecting the rice, which included cooking and eating it, officials ruled that the stored rice is still of good quality.
• “We need to release this rice to the market as soon as possible, as the rice price is currently decent,” he said. “It will help secure the government’s profit and solve everyone’s problems.”

Likely with Vietnam mixed out its rice exports, India recent ban on rice exports and interference of Myanmar civil war, Thailand is in perfect rice export position to Philippines.

Remember, it's not about the taste of rice but the taste of money that's important.

 

 

[PETERTHEEATER]

7 hours ago, hotchilli said:

I hope they don't send the 10-year old aged rice?

Check with Yingluck first......

[hotchilli]

2 hours ago, Srikcir said:

Apparently not an issue.

"Phumtham taste-tests rice held in Surin since rice-pledging scheme", March 15, 2024, nationthailand.com

• "Phumtham said that after inspecting the rice, which included cooking and eating it, officials ruled that the stored rice is still of good quality.
• “We need to release this rice to the market as soon as possible, as the rice price is currently decent,” he said. “It will help secure the government’s profit and solve everyone’s problems.”

Likely with Vietnam mixed out its rice exports, India recent ban on rice exports and interference of Myanmar civil war, Thailand is in perfect rice export position to Philippines.

Remember, it's not about the taste of rice but the taste of money that's important.

 

 

Spot on sir