GSP suspension will affect only shrimp wonton noodle soup: CPF
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.
