The Director-General of the Department of Foreign Trade revealed that negotiations for rice sales with COFCO Corporation, under the Chinese government's government-to-government (G to G) contract, totaling 500,000 tons, are progressing steadily. Most recently, COFCO expressed interest in purchasing an additional 60,000 tons, and the department has offered competitive prices and is pushing to conclude the negotiations quickly. Previously, 40,000 tons had been delivered from the outstanding 280,000 tons under the original contract, with payment already received. On August 5, the Cabinet resolved to expand the trade volume by an additional 220,000 tons, bringing the total to 500,000 tons. If the price for the 60,000 tons is agreed upon and delivered, it will help absorb excess supply and raise paddy prices, as well as support Thai rice exports to reach the target of 7 million tons. The department will expedite contract amendments to be completed within this year to accommodate the increased volume.
COFCO Engineering & Technology Co LtdCOFCO, the buyer, is increasing rice purchases from Thailand, boosting its trading volume.
