China helps Thailand to reduce rice mountain

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Rice-exportChina has committed to “definitely” purchase 1.2 million tonnes of white rice from the Thai government’s stockpile at a “good price” within the next two weeks, Deputy Prime Minister and Commerce Minister Niwatthamrong Bunsongphaisan said on September 16.

The buyer, Beidahuang, a Chinese state-owned enterprise, is also interested in buying 200,000 tonnes of rubber. Prices for both commodities were not revealed.

However, Democrat Party deputy leader Korn Chatikavanij claimed on his Facebook page that the rice transaction had been “rejected” by China, citing a Reuters news article published on September 12.

“An industry source close to the State Grain Administration, China’s state body responsible for grain trading and distribution, said talks on a government-to-government deal had been taking place with Thailand for some time but nothing had been settled,” the report said, according to Chatikavanij.

“It is impossible for China to import that much rice as China doesn’t need that much,” the source said in the article, referring to the 1.2 million tonnes, he said.

His post said the government has resolved to borrow an additional 270 billion baht ($8.4 billion) to support the rice pledging scheme for the 2013-2014 season. The Ministry of Finance should not allow the state to raise the loan because it has at present exceeded the 500 billion baht ($15.6 billion) loan cap.

The problem could be solved if the Commerce Ministry could make money from the government’s rice stockpile, he said.

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Reading Time: 1 minute

China has committed to “definitely” purchase 1.2 million tonnes of white rice from the Thai government’s stockpile at a “good price” within the next two weeks, Deputy Prime Minister and Commerce Minister Niwatthamrong Bunsongphaisan said on September 16.

Reading Time: 1 minute

Rice-exportChina has committed to “definitely” purchase 1.2 million tonnes of white rice from the Thai government’s stockpile at a “good price” within the next two weeks, Deputy Prime Minister and Commerce Minister Niwatthamrong Bunsongphaisan said on September 16.

The buyer, Beidahuang, a Chinese state-owned enterprise, is also interested in buying 200,000 tonnes of rubber. Prices for both commodities were not revealed.

However, Democrat Party deputy leader Korn Chatikavanij claimed on his Facebook page that the rice transaction had been “rejected” by China, citing a Reuters news article published on September 12.

“An industry source close to the State Grain Administration, China’s state body responsible for grain trading and distribution, said talks on a government-to-government deal had been taking place with Thailand for some time but nothing had been settled,” the report said, according to Chatikavanij.

“It is impossible for China to import that much rice as China doesn’t need that much,” the source said in the article, referring to the 1.2 million tonnes, he said.

His post said the government has resolved to borrow an additional 270 billion baht ($8.4 billion) to support the rice pledging scheme for the 2013-2014 season. The Ministry of Finance should not allow the state to raise the loan because it has at present exceeded the 500 billion baht ($15.6 billion) loan cap.

The problem could be solved if the Commerce Ministry could make money from the government’s rice stockpile, he said.

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