Thailand to take advantage of food exports over Asian protectionism
Thailand, a major exporter of sugar, chickens, and rice, looks set to benefit as many of its Asian neighbors limit shipments of agricultural commodities to shelter consumers from surging prices...
Thailand, a major exporter of sugar, chickens, and rice, looks set to benefit as many of its Asian neighbors limit shipments of agricultural commodities to shelter consumers from surging prices.
The rising food protectionism and price rallies are welcome news for Thai producers enjoying strong harvests this year after back-to-back droughts.
The baht’s decline to a five-year low earlier this month also makes the country’s shipments relatively cheaper.
Global food prices have surged to multi-year highs as the economic recovery from the pandemic coincided with Russia’s invasion of Ukraine, which has upended flows of agricultural commodities.
Thai food exports this year now look likely to surpass a forecast in January for a record 1.2 trillion baht ($35 billion) made by the Bangkok-based National Food Institute.
“If the war and the food-supply crunch continue, food prices will remain high, and that will benefit us,” said Sirivuthi Siamphakdee, a director of Kaset Thai International Sugar Corp. and former vice chairman of the Thai Sugar Millers Corp., an industry association.
“Thailand is unlikely to suffer from food shortages like other countries as it’s the world's kitchen.”
Poultry is Thailand’s biggest food export earner after rice, and the Malaysian ban should be a boon for the country. The Thai Broiler Processing Exporters Association is estimating shipments will rise to 950,000 tons this year from 930,000 tons in 2021.
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Charoen Pokphand Foods Pcl, a Thai meat producer owned by the billionaire Chearavanont family, is in a
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