Floods cause $1.6b loss to Thai food industry

Updated: 2011-12-15 22:31


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BANGKOK - Initial flood losses in Thailand's food industry have been estimated at 50 billion baht ($1.59 billion), according to a survey carried out by the National Food Institute, the Board of Trade of Thailand, and the Federation of Thai Industries (FTI).

The survey said around 1,300 food processing plants countrywide were damaged by the inundation. Most of them, or about 950 factories, are located in the capital of Bangkok and its vicinity.

Over 30 food-related industries specializing in packaging, food ingredients and labels were also affected and halted operations due to the flood.

National Food Institute Director Petch Chinabutr said the projection of Thailand's food exports value this year has been adjusted as a result of the temporary closure of some food factories in Thailand for at least three months.  

Thailand exported over 28 million tonnes of food in the first ten months of this year, a 59-percent increase year-on-year, with an export value at 812 billion baht ($25.86 billion), or about a 22 percent rise from last year.

Petch said Thailand's export growth will tend to slow in this fourth quarter except for rice, of which about 10.5 million tonnes were expected to be exported in 2011. Over the past 11 months, up to 10.1 million tonnes of rice have been already exported, he added.