Pig price plunges in Thailand
Live pig price in Thailand fell 6% to $2.4/kg in October as its live pig exports to Vietnam were disrupted by floods that hit the country’s central region. Coupled with the slow demand for pork during the vegetarian festival, the pig price in Thailand is expected to drop further in the fourth quarter.
Thai pig farmers used to gain $2.8/kg from selling their pigs to exporters in the third quarter of the year when live pig exports from Thailand to Vietnam were at their peak. But the farmers in Thailand are unlikely to reap the windfall in the future as the stock of pigs in Vietnam is being replenished from imports of gilts, piglets, and commercial pigs imported from the country.
" It is expected that the pig price in Thailand would plunge further until the end of the year or even more. Domestic pork consumption in the country used to be high at the year-end until the summer is over in May. The rise in pork consumption is a result of foreign tourist arrivals in the northern region of Thailand during the winter from November to February. During the summer from March to May, the number of foreign tourists even increases further as they are moving to seaside resort towns along the Gulf of Thailand and the Andaman Sea in southern Thailand. But at the end of this year and early next year, there is no sign of foreign tourists in the country anymore. Outbreaks of the Covid-19 globally have prompted the government of Thailand to impose a 14-day quarantine for all travellers coming into Thailand," explained Paul Anderson, General Manager South East Asia - International Sales Manager, Genesus Inc.
Although the government is encouraging the Thais to visit tourist attractions across the country by giving free cash for accommodations, ongoing demonstrations against the military government across the country would make this attempt fail. As such, the only way for the Thai pig farmers to survive under this mishap is to focus on productivity, maximise their output and reduce their cost of production.
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