indonesia bulog confirms purchase of over 500,000 metric tons rice
Published on: December 21, 2023.
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Indonesia’s Bulog Plans to Import over 500,000 Metric Tons of Rice
JAKARTA, Dec 21 – Indonesia’s food procurement agency, Bulog, has recently confirmed its intention to purchase more than 500,000 metric tons of rice as part of its rice import quota for 2023. This tender was filed earlier this month, and the rice will be imported from Thailand, Vietnam, Pakistan, and Myanmar. Bulog Chief Bayu Krisnamurthi made the announcement during a press conference.
Of the total volume, the largest portion, more than 300,000 metric tons, will be sourced from Thailand, accounting for 65% of the entire import. The remaining rice will come from Myanmar, Vietnam, and Pakistan. The rice is expected to arrive gradually starting in January of next year.
According to European traders, the prices for the rice from Thailand are estimated to be around $665, Myanmar at about $635, Vietnam at about $660, and Pakistan at $635. These prices are based on cost and freight free out terms.
The market has been taken aback by the large volume from Thailand, but it seems that Thai export supplies are larger than anticipated, according to a European trader.
The Thai government recently confirmed that Indonesia is seeking to purchase 2 million metric tons of Thai rice next year. This volume will fulfill Indonesia’s planned import quota, as drought has impacted its rice production for 2023. The Indonesian government is looking to acquire 1 million tons from the private sector and another 1 million tons through a government-to-government deal with Thailand. However, Bayu has yet to confirm these numbers, stating that discussions regarding the import from Thailand are still ongoing.
Bulog had previously announced that next year’s rice import quota would be set at 2 million metric tons, a decrease from this year’s quota of 3.8 million tons.
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