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Farmers spread out paddy to dry in Nakhon Ratchasima's Phimai district. PRASIT TANGPRASERT
The government expects the event International Rice and Rice Products Business Matching 2018, held yesterday in Bangkok, to result in rice products worth up to 30 billion baht within a year.
Trade Minister Sontirat Sontijirawong said some 1.5 trillion baht worth of rice purchases are estimated to be between Thai entrepreneurs and foreign buyers at the event.
Held by the International Trade Promotion Department, the event creates a sourcing platform to connect Thai exporters of rice and rice products with international buyers. Both food and non-food products are made of rice, cosmetics and health products are showcased at the event.
There were 160 foreign buyers from 28 countries and 170 Thai entrepreneurs attending the matching event.
"The rice expo is also a public-private partnership to boost Thai rice exports," said Mr Sontirat said. "This will help raise the prices of this country to 11 million tonnes this year."
The said memoranda of understanding (MoUs) were signed at the event for 93,000 tons of Thai foreigners. They include an MoU between 759 Store, Hong Kong chain store that sells groceries and snacks with 224 branches throughout Hong Kong, and Siam Diamond Rice Export to buy 10,000 tons of hom mali 759 Store and Global Rice Intertrade to buy 4,000 tons of Pathum Thani fragrant rice.
Everflowing Fortune Trading Inc. of the Philippines made a deal with Asia Golden Rice to buy 70,000 tons of white rice and 5,000 tons of wheat, and Guangdong Youliang Grain & Oil Industrial Co of China signed with Homkula Co to buy 4,000 tons of geographical indication (GI) rice and organic homology.
As of Oct 19, Thailand had shipped 8,932 tons of milled rice, up 2.7% from the same period last year, worth US $ 4.60 billion, up 21.2%.
Rice farmers are likely to enjoy higher prices in the 2018-19 harvest, thanks to robust import demand and a lack of huge state stockpiles.
Total paddy production for the annual harvest season, which was estimated at 33.42 million tonnes of paddy, while expected for both domestic consumption and exports is expected to top 34.03 million tonnes of paddy.
Some 900,000 tons of rice are awaiting delivery by year-end, said Whichai Phochanakij, director-general of the Internal Trade Department.
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