August 21, 2007

Thailand's seafood industry need to adjust to strong baht and new markets 

Thailand's seafood industry should take measures to limit the impact of the strengthening baht, which has affected the value of its exports in recent months, industry watchers said. 

Seafood producers would have to focus on cutting production costs, creating higher value on products, diversifying their products and expanding their markets.

For the first half of the year, even with a stronger baht, seafood exports continued growing. However, entering the second half of the year, the impact of a stronger currency began to be felt as exports slowed and competition for the EU market grew fiercer.

Thailand's seafood exporters have also been urged to continue expanding the EU market, making use of the recently reinstated Generalized System of Preferences (GSP) privileges granted to Thailand. The Japan-Thailand Economic Partnership Agreement (JTEPA) would also help Thailand to focus on Japan and move away from the US market, which has placed restrictions on Thai seafood imports.