Thailand approves three-year, tariff-free soybean import plan

06.01.2017

The Thai government has approved an unlimited soybean import quota with zero tariff for a period of three years (2017-2019). Natthaphorn Jatusriphithak, Advisor to the Commerce Minister, said that the plan has been approved within the framework of the World Trade Organization and soybean imports will be managed on an annual basis.

Despite the approved policy, soybean importers are still required to purchase domestic soybean at government determined prices. Importers have to buy domestic soybean at USD 0.43 per kg plus USD 0.06 for the purpose of vegetable oil production, USD 0.44 per kg plus USD 0.06 for animal feed production and USD 0.50 per kg plus USD 0.06 for food production. Thailand produces around 50,000-60,000 tonnes of soybean a year, representing only 2% of the annual soybean demand of almost 3 million tonnes.


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