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- Lenaerts: Dear, I went to immigration yesterday to apply for a retirement visa, very friendly people and they helped quickly
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Home » News from Thailand » Gloomy outlook for Thai rice exports due to Phoenix bankruptcy
(think4photop / Shutterstock.com)
The outlook for Thailand's rice exports in the second half of this year looks bleak as the pandemic has bankrupted Phoenix Commodities, one of the world's largest agricultural commodities traders with offices in Dubai and Singapore.
Founded 20 years ago, Phoenix Commodities Pvt Ltd grew into a company that generated $2019 billion in revenue in 3 trading grain, rice, coal, metals and other products, but went under when the coronavirus outbreak hit the disrupted financial markets.
“The bankruptcy of Phoenix Commodities affects almost all rice exporters in Thailand,” said Charoen Laothammatas, president of the Thai Rice Exporters Association. “hoenix has been a trading partner of many Thai exporters, especially those exporting to Africa.”
It is estimated that the company owes 1 billion baht to Thai exporters, who sold rice to the company on credit. They can probably whistle at that money.
Source: Bangkok Post
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