Thailand to Reduce Tariffs on U.S. Corn Imports
Thailand may slash its 73% import tax on U.S. corn to cut animal feed costs, Finance Minister Pichai Chunhavajira said. With annual corn consumption at 9 million metric tons and 4–5 million imported, cheaper American corn could aid local agriculture. Broader tariff reductions and trade talks with the U.S. are underway to balance trade and support exporters.
Thailand’s annual corn consumption stands at approximately 9 million metric tons, with imports accounting for about 4 to 5 million tons, as highlighted by Finance Minister Pichai Chunhavajira. The minister emphasized that the cost-effectiveness of American corn could potentially lower the expenses related to animal feed, which is crucial for the local agricultural sector. Currently, U.S. corn faces a steep 73% import tax, according to the Thai Feed Mill Association.
While specific import volumes are yet to be determined, the minister indicated that Thailand might consider reducing tariffs on agricultural products to zero, potentially increasing imports of natural gas and expanding Thai Airways’ fleet with more Boeing aircraft. The finance minister assured that Thailand’s trade policy would remain equitable, offering the same tariff rates to all countries, including the U.S.
The United States remains Thailand’s largest export market, accounting for 18.3% of total exports, valued at $54.96 billion last year. Washington, however, cites a trade deficit with Thailand at $45.6 billion. The Thai government is currently evaluating international reactions and intends to engage in discussions with U.S. officials to ensure Thai exporters are not put at a disadvantage.
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Source : Index Box
