Shrimp export could lose up to Bt10 billion: association chief

Somsak Paneetatyasai, president of Thai Shrimp Association, said Thursday that shrimp export industry could lose up to Bt10 billion from the stronger baht. He said if the baht stayed at Bt41 - the level in early next year, shrimp export value would hover to Bt100 billion.

"The central bank should be concerned with this. The volatility makes it difficult to guage if the income would drop or rise and to set the sell prices. The Thai baht has strengthened much faster than our competitors' currencies, and this reduces our competitiveness," Somsak said.

In the first 10 months of this year, shrimp export rose 25.13 per cent to 286,536 tonnes. The value worth Bt71.38 billion marked an increase of 22.86 per cent. For the entire year, the volume and value are expected to be 340,000 tonnes and at least Bt80 billion, respectively.

Separately, Agriculture Permanent Secretary Banphot Hongthong said that the ministry is on the course of estimating the damage for the farm sector particularly on rice, shrimp and chicken. "As Thai baht strengthens faster than other currencies, exporters may shift the burden to farmers. They may force down the prices of agricultural products purchased from farmers," he said.

The Nation