Thailand was able to maintain competitiveness in agricultural and agro-industrial product exports last year due to free trade agreements (FTAs) with partners, the Department of Trade Negotiations said on Sunday.
Thailand's exports to FTA partners was valued at US$167.20 billion (6 trillion baht), down 3% year on year (YoY) due to the global economic slowdown amid inflation, rising interest rates and geopolitical conflicts. Despite a decline in total export to FTA partners, Thailand's exports of agricultural and agro-industrial products expanded as partners offered tax waivers on those products. Agricultural product exports were worth $19.56 billion (702.82 billion baht), up 4% YoY, while agro-industrial products exports amounted to $15.07 billion (541.54 billion baht), up 2% YoY. Thailand's exports to main FTA partners like China and ASEAN expanded 11% and 5%, respectively.
Department director-general Chotima Iemsawasdikul said:
"Thailand is the top agricultural products exporter in ASEAN and seventh globally. And Thailand is third highest agro-industrial products exporter in ASEAN and 11th globally."
She explained that Thailand's export of frozen and dried fruits to FTA partners had expanded by 23% YoY. Among other products that saw export expansion were:
- Rice, by 92%, to countries such as Indonesia, the Philippines and Malaysia
- Frozen chicken, by 19%, to China, Japan and Malaysia
- Coffee, by 43%, to Cambodia, Japan and China
- Sugar, by 14%, to Indonesia, Phillippines and South Korea
- Canned and processed fruits, by 9%, to China, Australia and Laos
- Canned and processed vegetables, by 18%, to Japan, South Korea and China
- Ice cream, by 11%, to Malaysia, South Korea and Vietnam
As a key to boost export competitiveness in the global market, Thailand now has 15 FTAs, covering more than 85% of Thai products.
Sri Lanka is Thailand's latest FTA partner, and more agreements were in the process this year to ensure maximum benefits of the country's export, Chotima said.
Source : THE NATION
March 04, 2024
