Connect with us

Economics

Thai food export to decline on higher costs

Thai food exports in the second and third quarters of 2012 are projected to decline owing to the slowing global economy and higher Thai production costs, according to the National Food Institute (NFI). In April-June, the production is likely to slow in tandem with exports.

Published

on

Rice bags Import

Thai food exports in the second and third quarters of 2012 are projected to decline owing to the slowing global economy and higher Thai production costs, according to the National Food Institute (NFI). In April-June, the production is likely to slow in tandem with exports. 

Food exports in particular are forecast to drop 2.3 per cent valued at nearly Bt250 billion, said NFI Director Petch Chinnabutr. Exports of rice, frozen shrimp, processed tuna and processed fruit and vegetable are projected to decrease. Food exports are likely to continue slowing into the third quarter, but will rebound in the fourth quarter.

Rice bags Import

Vietnam will eclipse Thailand as the world's biggest rice exporter this year as the government's pledging scheme artificially inflates Thai prices, exporters predicted.

Overall in 2012, food exports are projected to drop in quantity but prices will tend to rise, so that Thai food export value is likely to surpass one trillion baht, an increase of 5.1 per cent. Risk factors that should be monitored are global energy costs, effects from the minimum wage rise and higher prices of raw materials for agricultural production. Regarding the increase of the daily minimum wage in April, most entrepreneurs experienced higher production costs but 75.9 per cent of those still capped the prices while 20.3 per cent will increase prices, and another 38 per cent may raise their prices in the next three months. Thai food exports projected to decline this year

Thailand has been the largest rice exporter in the world for nearly five decades, when the volume of Thai rice exports steadily increased from 1 million tons in 1974-75 to more than 10 million tons in 2010-11. The country’s share in the global market peaked at 43% in 1988-89; since then, it has been fluctuating between 25% and 30%.

During this period, however, global rice trade has tripled from 11 to 33 million tons in the wake of trade liberalization among many countries in the late 1980s and the 1994 General Agreement on Tariffs and Trade (GATT). As part of their GATT market access commitments, countries partially opened up rice trade, which increased the volume more than 50% in the past decade.

The expansion of trade came along with the emergence of Vietnam and India as growing exporters in the global rice market. In the last decade, Vietnam and India together have accounted for nearly a third of global rice trade.  Despite losing market share, Thailand has been able to steadily increase its volume of exports and maintain its status as the largest exporter in the world.

Economics

Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

Published

on

Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

(more…)
Continue Reading

Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

Published

on

BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,162 other subscribers

Wise

Recent