April 9, 2012

Thailand farm sector's GDP to grow in the Q3-Q4 this year

Due to a recent decision by the EU to lift its long-time bank on Thai chicken exports, the Thai farm sector's gross domestic product (GDP) will clearly expand from the third-fourth quarters of this year, as assessed by the Ministry of Agriculture and Cooperative.

Secretary-General of the ministry's Office of Agricultural Economics Apichaat Jongsakul said that the EU's decision, effective from July 2012, should also boost chicken prices on the domestic market, expressing his hope that Japan, one of Thailand's major export markets, will follow the EU's move soon.

Meanwhile, the Ministry of Commerce's Department of Foreign Trade acknowledged that the EU's decision showed that the 27-member bloc was satisfied with Thailand's upgraded control of bird flu and laboratories standards based on international criteria, and that Thailand's chicken exports will likely grow by up to some THB10 billion (US$323 million) annually after the EU resolution takes effect.