The share price of i-Tail Corporation Public Company Limited (SET: ITC) dropped 4.7% in the afternoon session on Wednesday, following the slowdown from the main bourse and the US adding several Thai goods into its blacklist, including animal feeds.
It was reported that the United States has added three more products to its list of goods believed to have been produced using child labor (EO List) and forced labor (TVPRA List) in 2024. The newly added items are dried fish, fish oil, and animal feed, bringing the total to eight, including shrimp, fish sauce, bedding products, sugarcane, and pornography.
ITC, a manufacturer (OEM) production and distributor of pet food products, saw its share price plunging 4.7% to THB19.20 per share in the afternoon trading session on September 11, 2024, fueled by the plummet in Thailand’s SET Index by as much as 1.6% before paring some loss to -0.78% as session progressed.
FSS International Investment Advisory contacted ITC for further detail on the matter as the U.S. is a significant market for pet food, accounting for 32% of Thai pet food exports, with main ingredients being tuna, chicken, and some land animals (e.g., sheep and cows).
ITC stated that according to their inquiry to the U.S. government, dog and cat foods are excluded from this ban. It is noted that dried fish and fish oil are not primary ingredients in pet food production.
