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Soybean and Fishmeal Demand Drop in Thailand
Thailand’s soybean production remains flat, says the report, and soybean consumption is estimated to drop for the first time in recent history in MY 2008/09 but is forecast to recover in MY 2009/10.
In line with soybean consumption, imports of soybeans are estimated to drop to 1.65 million tonnes in MY 2008/09 before recovering to 1.85 million tonnes in MY 2009/10. Less-expensive supplies from South America, especially Brazil, have reduced the U.S. market share of Thai soybean imports in recent years.
The U.S. market share will remain as low as 10-15 per cent unless prices and quality become more competitive with Brazilian soybeans.
According to the USDA report, Thailand still needs to import a huge amount of soybean meal to meet the demand from the feed industry. Due to a lack of price competitiveness, U.S. soybean meal imports are expected to remain small. Most soybean meal imports are derived from Brazil, Argentina, and India.
Under Thailand’s current TRQ administration, soybeans can be imported in an unlimited amount and is subject to zero import tariff. Soybean meal can be imported in an unlimited amount and is subject to two percent import tariff.
However, the Government continues its domestic absorption practice in its TRQ administration for these two products. Fish meal production in Thailand is on a downward trend. Fish meal consumption should also drop in 2009.
Further Reading
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