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Market Liberalisation MARKET LIBERALIZATION AND ITS RELATIONSHIP WITH Malaysian Agricultural Research & Development Institute (MARDI) MARKET LIBERALIZATION AND ITS RELATIONSHIP WITH MARKET STRUCTURE, CONDUCT AND PERFORMANCE OF THE FOOD PROCESSING INDUSTRY IN ASEAN ECONOMIES Editors Tengku Mohd Ariff Tengku Ahmad Mad Nasir Shamsudin APEC Agricultural Technical Cooperation Working Group April 2008 ATC 01/2006T Printed by: Malaysian Agricultural Research & Development Institute P.O. Box 12301 General Post Office 50774 Kuala Lumpur Malaysia Ph: + 6 03 8943 7332 Fax: + 6 03 8948 6799 Website: www.mardi.gov.my Produced for APEC Secretariat 35 Heng Mui Keng Terrace Singapore 119616 Tel: (65) 67756012 Fax: (65) 67756013 Email: [email protected] Website: www.apec.org © 2008 APEC Secretariat APEC#208-AT-01.2 Table of Contents Page No 1 Market Liberalization and Its Relationship with Market Structure, 1 Conduct and Performance of the Food Processing Industry in ASEAN Economies by Tengku Mohd Ariff Tengku Ahmad and Mad Nasir Shamsudin 2 Market Liberalization and Its Relationship with Market Structure, 80 Conduct and Performance of the Food Processing Industry in Brunei by Haji Anjah @ Amzah bin Haji Abdul Rahman 3 Market Liberalization and Its Relationship with Market Structure, 104 Conduct and Performance of the Food Processing Industry in Indonesia by Adrian D. Lubis, Yati Nuryati, Arief Adang and Erwidodo 4 Market Liberalization and Its Relationship with Market Structure, 169 Conduct and Performance of the Food Processing Industry in Malaysia by Abu Kasim Ali and Chubashini Suntharalingam 5 Market Liberalization and Its Relationship with Market Structure, 229 Conduct and Performance of The Food Processing Industry in Thailand by Boonjit Titapiwatanakun 6 Market Liberalization and Its Relationship with Market Structure, 279 Conduct And Performance of the Food Processing Industry in The Philippines by Minda C. Mangabat 7 Market Liberalization and Its Relationship with Market Structure, 411 Conduct and Performance of the Food Processing Industry in Viet Nam by Pham Quang Dieu i Market Liberalization and Its Relationship with Market Structure, Conduct and Performance of the Food Processing Industry in ASEAN Economies by Tengku Mohd Ariff Tengku Ahmad and Mad Nasir Shamsudin Table of Contents Page 1. Introduction 6 2. Theoretical Framework and Methodology 7 2.1 Market Structure, Conduct and Performance Paradigm 7 2.1.1 Market Structure 7 2.1.2 Market Conduct 8 2.1.3 Market Performance 10 2.2 Conceptual Framework for S-C-P Paradigm 10 2.3 Empirical Evidence on S-C-P Paradigm 13 2.4 Measurement of S-C-P Indicators 20 2.4.1 Measures of Market Structure 20 2.4.1.1 Absolute Concentration Measures 22 2.4.1.2 Relative Concentration Measures 23 2.4.2 Measure of Market Conduct 25 2.4.2.1 Advertising Intensity 25 2.4.3 Measures of Market Performance 26 2.4.3.1 Rate of Return on Assets after Tax 27 2.4.3.2 Rate of Return on Stockholders’ Equity after tax 27 2.4.3.3 Sales Ratio: Return on Sales after Tax 27 2.4.4 Endogenousity of S-C-P Model (Optional) 28 2.4.4.1 Model Specification 28 3 Status of the ASEAN Food Processing Industry 30 3.1 Performance 30 3.2 Drivers for Growth 33 3.2.1 Demand-side Drivers 33 3.2.1.1 Population and Income Growth 33 3.2.1.2 Changing Patterns of Food Consumption 33 3.2.1.3 Urbanization 34 3.2.1.4 Global Demand 35 3.2.2 Supply-side Drivers 35 3.2.2.1 Industrialization Policy 35 3.2.2.2 Foreign Direct Investment 35 4 Industry Structure 36 5 Issues and Challenges 37 6 The Trade Liberalization Environment 38 6.1 The World Trade Organization (WTO) 39 6.1.1 The UR Agreements and Outcomes 39 6.2 The ASEAN Free Trade Area (AFTA) 41 6.3 Asia –Pacific Economic Cooperation Forum (APEC) 42 7 The Impacts of Trade Liberalization: Structure, Conduct and 43 Performance 7.1 The Fruit and Vegetable Based Industrial Cluster: Processed 43 2 Mango of the Philippines and Processed Fruits and Vegetables of Thailand 7.1.2 Market Structure 43 7.1.3 Market Conduct 45 7.1.4 Market Performance 45 7.2 The Fish and Seafood Based Industrial Cluster: Processed Tuna of 46 the Philippines, Seafood Industry of Thailand and Fish Products of Indonesia 7.2.1 Market Structure 46 7.2.2 Market Conduct 48 7.2.3 Market Performance 48 7.3 The Flour Industry Cluster: Indonesia and Thailand 50 7.3.1 Market Structure 50 7.4 The Soy-Sauce Industry Cluster: Philippines and Indonesia 54 7.4.1 Market Structure 54 7.4.2 Market Conduct 55 7.4.3 Market Performance 55 7.5 The Rice Milling Industry Cluster; Thailand and Vietnam 57 7.5.1 Market Structure 57 7.5.2 Market performance 58 7.6 Carageenan – The Case of The Philippines 60 7.6.1 Market Structure 60 7.6.2 Market Conduct 60 7.6.3 Market Performance 61 7.7 Desiccated Coconut - The Case of The Philippines 62 7.7.1 Market Structure 62 7.7.2 Market Conduct 63 7.7.3 Market Performance 64 7.8 Sauces, Dressings and Condiments – The Case of Malaysia 65 7.8.1 Market Structure 65 7.8.1.1 Concentration ratio 65 7.8.2 Market Conduct 65 7.8.2.1 Promotions 65 7.8.2.2 Advertising 66 7.8.2.3 New product development 66 7.8.3 Market Performance 66 7.8.3.1 Return on Sales (ROS) 66 7.8.3.2 Return on Asset 67 7.9 Sweet and Savory Snacks – the case of Malaysia 67 7.10 Salient features 69 8 Meeting The Challenge of The Trade Liberalization: the Policy 70 Response 9 References 73 10 Lessons Learnt 78 11 Next Steps 79 3 List of Tables Table 3.1: Contribution of the Agricultural Sector to GDP (%), Selected 31 ASEAN Countries, 1990 - 2005 Table 3.2: Contribution of Food Processing Industry to GDP (%) 32 Table 3.3: Growth of Output (Value-added) of Food Processing Industry 32 (%) Table 3.4: Structure of the Food Processing Industry in Selected ASEAN 36 Economies, 2005 Table 3.5: The main elements of the Agreement on Agriculture of the WTO 40 Table 7.1: Thai canned fruit and vegetable processors, concentration ratios, 44 and HHI Table 7.2: Number of canned fruit and vegetable processors, Thailand 44 Table 7.3: Rate of return on sales (ROS) after tax of mango processing 45 firms Philippines, 1997-2005 Table 7.4: Average net profit of canned fruit and vegetable processors, 46 Thailand Table 7.5: Thai sea food processors, concentration rations, and HHI 47 Table 7.6: Market performance measures of tuna canneries, Philippines, 49 1997-2005 Table 7.7: Thai average net profit sea food processors (firms), and total 50 processors Table 7.8: Thai number of establishment of flour mills, average principal 52 revenue of firm and market share by size of firms Table 7.9: Thai average net profit of flour mills by size and total net profit 52 of all flour mills Table 7.10: Thai flour mills, concentration ratios, and HHI 53 Table 7.11: Market performance measures of soy sauce manufacturers, 56 Philippines Table 7.12: Thai number of establishment of rice mills, concentration 57 rations, and HHI Table 7.13: Concentration in the rice industry, Vietnam 58 Table 7.14: Thai number of establishment of rice mills, average principal 59 revenue of firm and market share by size of firms Table 7.15: Thai average net profit of rice mills by size and total net profit 59 of all rice mills Table 7.16: Advertising-sales ratio of desiccators, Philippines, 1998-2005 61 Table 7.17: Market performance measures of seaweed/ carageenan 62 processors, Philippines, 1997-2005 Table 7.18: Advertising-sales ratio of desiccators, Philippines, 1998-2005 63 Table 7.19: Market performance measures of desiccators, Philippines, 64 1998-2005 Table 7.20: Performance of sauces producer: Return on sales 67 Table 7.21: Performance of sauces producer: Return on Asset (ROA) 67 Table 7.22: Four Largest Companies’ Market Shares in Malaysia’s Sweet 68 and Savory Snacks Segment 2001-2005 (%) Table 7.23 : Performance of sauces producer: Return on Asset (ROA) 69 4 List of Figures Figure 2.1: A Model of Structure-Conduct-Performance Paradigm 12 Figure 2.2: Indicators for Market Structure, Conduct and Performance 21 Figure 2.3: Lorenz Curve and Gini Coefficient 23 Figure 3.1: Changing patterns of food consumption as income rises 34 Figure 7.1: Concentration ratios of mango processing firms, Philippines 43 Figure 7.2: Concentration ratios of tuna canneries, Philippines, 1997-2005 46 Figure 7.3: Concentration Ratio of Fish Processing Industry, Indonesia, 47 1995 to 2005 Figure 7.4: Market concentration ratio of flour industry, Indonesia 50 Figure 7.5: Concentration ratios of soy sauce manufacturers, Philippines, 54 1999-2005 Figure 7.6: Concentration Ratio of the Soy-Sauce Industry, Indonesia 55 Figure 7.7 : ROA for soy sauce industry in Indonesia 56 Figure 7.8: Concentration ratios of carageenan processors, Philippines 60 Figure 7.9: Concentration ratios of desiccators, Philippines, 1998-2005 63 Figure 7.10: Four Largest Companies’ Market Shares in Malaysia’s Sauces, 65 Dressings and Condiments Segment 2001-2005 (%) Figure 7.11: Four Largest Companies’ Market Shares in Malaysia’s Sweet 68 and Savory Snacks Segment 2001-2005 (%) 5 1. Introduction Literature had shown that trade liberalization in general enhanced total economic welfare and made societies better off. From the Ricardo days of the 19th century, when the theory and concept of comparative advantage was initially first conceived by British Economist David Ricardo, there were no short of evidences showing that there were gains to be made from freer trade.
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