BANGKOK, THAILAND — Thailand announced on Aug. 10 China will buy 1 million tonnes of its rice. It is attempting to sell off a stockpile of accumulated rice under a failed subsidy scheme, Bloomberg reported.
Thailand’s Commerce Minister General Chatchai Sarikalaya said China agreed to buy the rice during his visit to Beijing last week. China will buy the rice at market price and there will be further negotiations for another million tonnes in September.
Thailand built up over 13 million tonnes of surplus rice during the previous government’s rice subsidy plan.
Thailand has struggled to sell off the stockpiles, managing to auction off only 3.88 million tonnes of rice for around ?40 billion ($1.13 billion), according to government figures.
Iran is also interested in buying rice from Thailand, Chatchai said.
