InfoQuest (May 20, 2022) - Ms. Anong Paijiprapapon, Director of the National Food Institute of Thailand (NFI) announced that Thai food exports are forecast to grow 9.3 percentto 1.2 trillion baht this year, unchanged from the previous forecast.
The main positive factors driving the growth of food exports include increased demand for food in the international market, economic recovery, rising global food prices and price competitiveness of Thai food.
Food exports rose 28.8 percent to 286,022 million baht in the first quarter of this year. Products with an increase in both the volume and value of exports include chicken, rice, granulated sugar, shrimp, seasoner, coconut products, pineapple products and juice.
It’s expected that Thailand’s food exports will be up 4.4 percent to 913,978 million baht in the following three quarters.
But there are also multiple negative factors which will lead to exports falling short of expectation, such as slowdown in Chinese demand due to its Zero-COVID policy, rise in production and transportation costs, global inflation, and economic slowdown and even decline.
At present, Thailand should focus on food export to ASEAN, especially border export. Given the possible lasting of the Russia-Ukraine conflict, commodity price will see fluctuations.
Source: InfoQuest, by Tanawat Suayaem/Rachada Kongkhunthian/Sasithorn Simaporn, translated by Xinhua Silk Road
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