Thai rice exports seen at 7m tons

Thai rice exports seen at 7m tons

BANGKOK: Thailand's exports of rice will be strong again this year, with sales projected to reach at least 7 million metric tons, Commerce Minister Adisai Bodharamik said Tuesday.

However, the exports will be lower than the total recorded for 2001, which was a record high of 7.55 million tons.

This was 16 percent higher than original projections and 14 percent above the 6.61 million tons exported in 2000, according to a statement by Adisai.

Because of falling global rice prices, the value of Thailand's rice exports declined last year to US$1.57 billion from $1.72 billion in 2000. Thailand is the world's largest rice exporter.

The Commerce Ministry's projection of 7 million tons for 2002 is disputed by the private sector Rice Exporters Association, which forecasts exports of 6.5 million tons.--AP

S'pore bankruptcies hit record high

SINGAPORE : The number of people made bankrupt in Singapore reached a record 2,904 last year when the economy lurched into its worst recession since independence, a report said Tuesday.

The figure surpassed the 2,874 people who filed for bankruptcy in 1999 following the Asian financial crisis, the Straits Times said.

Between 200 to 350 people were made bankrupt each month from January to November 2001, it said.

"It's a reflection of what we are facing now -- that this recession is the most serious ever," lawyer Hri Kumar told the newspaper.

In Singapore, a person who cannot pay a S$10,000 (US$5,435) debt can be made bankrupt, after which his bank account will be closed and he cannot leave the country without permission by the Official Assignee.--AFP

U.S. raises Cambodian textile quota

WASHINGTON : The US government said Monday it had agreed to open the door further to textile exports from Cambodia because the country had improved its respect for workers' rights.

The quota for most textile exports was expanded by 15 percent, exceeding the normal increase of six percent, the U.S. Trade Representative (USTR) office said in a statement.

The extra nine percentage points were agreed to "in recognition of Cambodia's progress in reforming labor conditions in textile factories over the last three years," the USTR said.

"This renewal of our bilateral textile agreement is an excellent example of the way trade agreements lead to economic growth and promote a greater respect for workers' rights," U.S. Trade Representative Robert Zoellick said.

The new agreement, signed in Phnom Penh on Dec.31, recognizes Cambodia's progress towards ensuring "substantial compliance" with internationally-accepted labor standards in its garment industry, the USTR said. --AFP