Philippines is Thailand’s biggest rice importer
Thailand has been granted the bid to supply Philippines 215,500 tons of rice following its winning bid last month.
According to a report from The Nation, Thailand has initially won a bid of 120,000 tons of white rice graded at 25 percent which will be delivered for in June. It is then followed by four Thai exporters winning the contract in the latest round of government to government (G2G) bidding, which makes up a total of 85 percent of Thai’s rice export. The 215,500 tons of rice is scheduled to be delivered for the months of July and August.
Thailand Commerce Minister Sontirat Sontijirawong said the latest round of bidding success could help stabilize prices for Thai rice. It will also help boost Thai export and maintain the country’s share of the rice market in the Philippines, which is the world’s biggest rice importer.
By May 22, rice exports this year totaled 4.276 million tons, up 2.64 percent year on year by 4.166 million tons. By value, the gain was 23.26 percent, to US$2.182 billion.
The main destinations for Thai rice are China, South Africa, Indonesia and the Philippines.