Thailand’s food exports are expected to rise by 2.1% to a record of 1.5 trillion baht (US$44.31 billion) this year, helped by a recovery in global demand and China’s reopening, according to a leading industry group.
According to representatives from the Thai Chamber of Commerce, the Federation of Thai Industries (FTI) and the National Food Institute, the nation’ food shipments – accounting for 14.6% of the total – increased 10% year-on-year to 346 billion baht in January-March.
Anong Paijitprapapon, President of the National Food Institute, noted however that food exports might see a drop in the second quarter due to a high base last year, before rebounding in the second half of the year.
Anong said concerns about food security also boosted demand, adding that Thailand’s food exports were in 15th place in the global market with a market share of 2.25%.
The group stated that food exporters were still concerned over the strength of the baht and higher power costs.
The baht has appreciated by 2.7% against the dollar so far this year, becoming Asia’s second best performing currency after Indonesia’s rupiah. (NNT)
