HK buys Thai rice valued 120 million US dollars

HONG KONG, April 6 (TNA) -- Seven Hong Kong rice importers Wednesday signed a memorandum of understanding (MoU) to buy 150,000 tonnes valued at 120 million US dollars from Thailand, said Commerce Minister Apiradi Tantraporn. Ms Apiradi, now paying a three-day visit to Hong Kong, witnessed the signing of MoU. The Commerce Ministry has set the rice export target to Hong Kong in 2016 to increase to the minimum 200,000 tonnes and to more than 300,000 tonnes within the next few years, she said. The Thai government has insisted to export between 9 – 9.5 million tonnes of rice this year, less than last year which the country could export 10 million tonnes due to severe drought prevailing in the kingdom. As the stockpile of rice in government warehouses amounted over 12 million tonnes, the ministry acknowledges that it is difficult to increase prices of white rice. The ministry is trying to lessen the rice stock through auctions in a bid to raise prices of white rice. (TNA)