GSP suspension will affect only shrimp wonton noodle soup: CPF

[snoop1130]

GSP suspension will affect only shrimp wonton noodle soup: CPF

By THE NATION

 

 

The US decision to suspend trade privileges for Thailand under the Generalised System of Preferences programme will hit only Charoen Pokphand Foods’ shrimp wonton noodle soup, Chief Executive Officer Prasit Boondoungprasert said.

 

The soup constitutes 0.2 per cent of the company’s sales revenue and will be subjected to 6 per cent import duty when the suspension takes effect in the next six months.

 

CPF has gradually adjusted its business model, prioritising overseas investment.

 

New production plants have been established in targeted countries to serve local consumers and these overseas ventures are prospering and contributing about 70 per cent of total sales revenue, Prasit said.

 

CPF, which has invested in ready-to-eat food production in the US, has achieved its growth targets and anticipates bright business prospects in the years ahead, the CEO said.

 

Meanwhile, pork prices have been on the increase as concerns about African Swine Fever subside. In Vietnam, for example, the price of 1kg of pork has hit 55,000-57,000 Vietnamese dong (Bt71-Bt73.50), which is the highest this year. A similar improvement is taking place in Thailand.

 

Prasit stressed that CPF expects to achieve its business targets in 2019 and anticipates continued growth in 2020.

 

Source: https://www.nationthailand.com/business/30377824

 

-- © Copyright The Nation Thailand 2019-10-28

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[ProbPossConf]

COSTCO stocks CPF cases of shrimp wonton soup in the freezer section.  
Always purchased a case in case craving a late night snack...Umm umm good.

[30la]

Fairy tales, fairy tales, fairy tales, all this is part of the brainwashing of your population!
Good boy!
Ok Thai citizens, don't be afraid, the US can't harm us!

[IAMHERE]

The guy might be right. Trump is only sending a shot across the bow of Thailand with a very small caliber weapon.  Only wants to get Thai's general attention,so to say.

[pmarlin]

Ok, now where in the hell the 40 + billion baht number come from that has been reported all over the place in the news.  The OP is classic fake news or propaganda for someone.

[Pedrogaz]

Sorry to pop everyone's bubble, but Thailand is now in the US sights......there is more to come, much more.

[Oziex1]

I.will expect a more credible report on this within 12 to 24Hrs.

[pegman]

No worries, Charoen Pokphand Group has now started to build & operate high speed trains. Which puts them ahead of any USA railroad in that reguard. Screw the cup of soup.

[zydeco]

1 hour ago, Pedrogaz said:

Sorry to pop everyone's bubble, but Thailand is now in the US sights......there is more to come, much more.

Trump and the Republicans will hit Thailand on trade deficits and tariffs, and the Democrats will do the same over human rights and elections. The squeeze is on.

[Cake Monster]

Trump hits the Seafood Industry, and soon FMD will hit the Pork trade, and possibly much more.

[BuckBee]

7 hours ago, pegman said:

No worries, Charoen Pokphand Group has now started to build & operate high speed trains. Which puts them ahead of any USA railroad in that reguard. Screw the cup of soup.

They know nothing on civil engineering of this project but are in on it as they do know a lot if not all about graft profit on sub contracting the work and selling off the shares before project found be not very profitable .

Fair bit of graft money for some government members to enable CP bid be lowest and chosen one .

End result will be waste of effort but CP wil have milked it and leave other majority shareholders picking up pieces ...

[metisdead]

A post that contained an image that had been altered has been removed. 

[Srikcir]

On 10/29/2019 at 11:20 AM, pmarlin said:

Ok, now where in the hell the 40 + billion baht number come from that has been reported all over the place in the news.  The OP is classic fake news or propaganda for someone.

This article is about the effect only on CPF exports to the US.

The Bt40 B would be the estimated total value of 573 Thai product exports (ie., chemicals, ceramic kitchenware)to the US under the GSP. Thailand can still continue to export those products to the US but the Americans will have to pay an average of 4.5% tariff (vs. zero tariff previously) or Bt1.8 B added to consumer prices.

Depending on the product (ie., tariff on ceramic kitchenware will be 26%!), Americans may decide not to make further purchases of certain Thai products if there are competing lower prices (ie., from American manufacturers or other foreign suppliers). That might force Thai manufacturers to lower their export prices to maintain export volume to the US or simply cease exports to the US (finding alternative export markets?).

Then there's the expiration of the EU's GSP for Thai products that must also be addressed, ie., in a new free trade agreement.