50% cut on animal feed raw material tariffs likely

Import tariffs on maize, soybean, soybean meal and powdered fish could be cut by half, to help local animal feed manufacturers, said Internal Trade Department Director-General Yanyong Phuangrach.

Yanyong said on Tuesday that the ministries of Commerce, Agriculture and Finance are geared to finalise the issue within this week, before submitting to the Cabinet for approval next week.

Animal feed manufacturers last week proposed a 10-20 per cent hike in their product prices on skyrocketing prices of the raw materials. The Commerce Ministry has not yet approved the proposal. It hopes that the reduction in import tariffs would ease the manufacturers' problems and delay the price hike which could further push up food prices.

Yanyong also noted that his department would dispatch a team to check animal feed inventories, to ensure that large companies would not benefit from the tariff cuts. The inventories would tell how much animal feed manufacturers can lower their feed prices.

- The Nation

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50% cut on animal feed raw material tariffs likely

Import tariffs on maize, soybean, soybean meal and powdered fish could be cut by half, to help local animal feed manufacturers, said Internal Trade Department Director-General Yanyong Phuangrach.

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