
Thailand Eyes More Pet Food, Rice Exports Amid China-US Standoff
Thailand is aiming to increase exports of pet food, rice and other processed food products to the US at the cost of Chinese shippers who are shut out of the prized market by a tariff wall.
The Southeast Asian country expects to increase its marketshare in segments like dog and cat food, rice and processed mackerel where it's already the leading supplier to the US, while seizing the opportunity to substitute Chinese products such as noodles, frozen seafood, soy sauce and bamboo shoots, Poonpong Naiyanapakorn, director general of Thailand's Trade Policy and Strategy Office, said in a statement Monday.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


San Francisco Chronicle
29 minutes ago
- San Francisco Chronicle
China says its exports to the US fell nearly 10% in May, as trade talks are due to start in London
China's exports to the United States sank fell nearly 10% in May from a year earlier, new customs data show, adding to pressure on the world's second largest economy as a new round of trade talks with Washington was due to start later Monday in London. China's total exports rose 4.8% last month, slowing from an 8.1% year-on-year increase in April. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. Exports to Thailand, Vietnam and Indonesia were sharply higher, and exports to Germany jumped more than 12%. 'The acceleration of exports to other economies has helped China's exports to remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Many businesses had rushed orders earlier in the year to try to beat higher tariffs. Once new import duties took effect, shipments slowed. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war, Zichun Huang of Capital Economics said in a report. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Huang said. Despite the tariffs truce, rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The round of negotiations due to take place later Monday in London follow a phone call last week between Trump and Chinese leader Xi Jinping. It's unclear if that exchange will lead to any significant progress during the talks this week. Speaking to reporters on Air Force One on Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the U.S. which China had slowed, threatening a range of U.S. manufacturers that relied on the critical materials. There was no immediate confirmation from China. The trade data released on Monday showed a nearly 21% plunge in the value of China's rare earths exports in January to May compared with a year earlier. In terms of volume, those exports rose 2.3%. Similar trends can be seen in exports of other products and commodities, such as shoes, ceramics and cell phones, as slowing demand causes prices to fall. Other data released Monday highlighted the pressure on China's own economy from slowing exports. Imports have faltered since manufacturers import many of the components and materials needed for the goods they assemble for the world. At the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said.
Yahoo
36 minutes ago
- Yahoo
Gold prices hold steady as US-China trade optimism builds
By Anmol Choubey (Reuters) - Gold prices steadied on Monday as investors refrained from making significant bets, with optimism building ahead of U.S.-China trade talks later in the day that could ease tensions between the two nations. Spot gold edged 0.1% higher at $3,313.54 an ounce, as of 0543 GMT. U.S. gold futures lost 0.4% to $3,333.80. Three top aides of U.S. President Donald Trump will meet with their Chinese counterparts in London later in the day to discuss the trade disputes between the two economies, a standoff that has kept global markets on edge. "Short-term traders do not want to take aggressive long positions right now ahead of the outcome of the U.S.-China talks," said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. Although tariffs won't disappear, the talks may lower the baseline, Wong said, adding that the cost of doing business in the U.S. will remain elevated, and the widening U.S. budget deficit could exacerbate inflationary pressures. On the technical front, spot gold is expected to retest support at $3,296, a break below which could open the way towards $3,262, according to Reuters technical analyst Wang Tao. [TECH/C] U.S. non-farm payrolls topped expectations, with wage growth exceeding projections and the unemployment rate steady. Investors scaled back bets on rate cuts for the year from two to only one in October. U.S. CPI data, due on Wednesday, could give more clues. Meanwhile, Trump said a decision on the next Fed chair would be announced soon, adding that a "good Fed chair" would lower rates. The bullion, a safe-haven asset, often thrives during uncertainties and in low-interest-rates environment. China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Elsewhere, spot silver was up 0.2% to $36.03 per ounce, platinum rose 1.6% to $1,187.80, while palladium fell 0.1% to $1,045.61. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
36 minutes ago
- Yahoo
Dollar slips after rally, focus shifts to US-China trade talks
By Johann M Cherian (Reuters) -The dollar slipped against all major currencies on Monday, as exuberance over an upbeat U.S. employment report gave way to caution ahead of pivotal U.S.-China trade talks set to take place in London later in the day. The talks come at a crucial time for both economies, with China grappling with deflation and trade uncertainty dampening sentiment among U.S. businesses and consumers, prompting investors to reassess the dollar's safe-haven status. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are expected to represent the U.S. at the trade talks, while vice premier He Lifeng would likely be present with the Chinese delegation. "A deal to keep talking might be better than nothing, but unless we see a concrete breakthrough, the impact on sentiment is likely to remain muted," said Charu Chanana, chief investment strategist at Saxo Markets. Friday's upbeat U.S. jobs report yielded some relief for investors following other bleak economic data last week. The dollar advanced against major peers after the employment report, which cut weekly declines in the dollar index by more than half. However, it is still down by more than 8.6% for the year. On Monday, the yen firmed 0.31% at 144.425 per dollar, as data showed Japan's economy contracted at a slower-than-expected pace in the January-March period, while Prime Minister Shigeru Ishiba weighed in on the impact interest rates could have on the economy. The euro edged up 0.18% and was last at $1.1417 as markets continued to price-in the European Central Bank's hawkish monetary policy outlook issued last week. The Swiss franc inched up 0.17% to 0.8209 per dollar, while the sterling rose 0.27% to $1.3555. The dollar index, which measures the U.S. currency against six others, dipped 0.07% to 99.045, as yields on U.S. Treasury tenors eased marginally after Friday's jump. Also on the trade front was a report that said Japan's chief trade negotiator Ryosei Akazawa is planning a sixth round of talks in Washington. An inflation report out of the U.S. for the month of May will be in the spotlight later in the week as investors and Federal Reserve policymakers look for evidence on the damage trade restrictive policies have had on the economy. Fed officials are in a blackout period ahead of their policy meeting next week, but they have signalled that they are in no rush to cut interest rates and signs of better-than-feared economic resilience are likely to further cement their stance. Interest rate futures indicate that investors are anticipating the central bank may cut borrowing costs by 25 basis points, with the earliest move expected in October this year, according to data compiled by LSEG. "May is the first month where the impact of Trump's 10% universal tariff on imports ex-USMCA is expected to show. The Fed will want a few months of inflation data in order to judge the tariff impact and most importantly, its persistence," analysts at ANZ Bank said. Elsewhere, China's offshore yuan was last at 7.187 per dollar after data showed export growth slowed to a three-month low in May, while factory-gate deflation deepened to its worst level in two years. New Zealand's dollar last bought $0.6037, while the Australian dollar inched up 0.25% at $0.6511 in light volumes as markets were closed for a public holiday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data