The Office of Agricultural Economics (OAE) revealed that during the first 4 months of 2024, Thailand’s agricultural exports expanded. When compared to agricultural imports from around the world, there was a surplus of more than 340 billion baht. It is considered necessary to seek opportunities to negotiate FTAs ??to open new markets and push member countries to improve the level of market opening under existing FTAs ??to which Thailand is a member.
Mr. Chantanon Wannakhet, Secretary-General of the Office of Agricultural Economics (OAE), Ministry of Agriculture and Cooperatives, revealed the overall situation of Thailand’s agricultural trade with the world in 2024. In the first 4 months (January – April 2024), it was found that Thailand had a total trade value of 822,559 million baht, an increase of 5.43 percent from the same period last year. The expansion of the total trade value was the result of the expansion of exports, which were worth 584,561 million baht, an increase of 5.6 percent from the same peri
od last year. In addition, it was found that Thailand had an import value of 237,998 million baht, a decrease of 2.2 percent, resulting in Thailand’s overall agricultural trade in the first 4 months of 2024 having a trade surplus of 346,563 million baht.
The top five agricultural products with the highest export value of Thailand in January-April 2024 were rice (70,158 million baht), durian (40,578 million baht), natural rubber (35,377 million baht), processed chicken (32,809 million baht), and dog or cat food (29,516 million baht).
For Thailand’s major import products, they are still the same group as in 2023, most of which are imported as raw materials in the agricultural and food industries. The top 5 products with the highest import value from Thailand are soybeans (23,536 million baht), cassava (16,339 million baht), soybean oil waste (14,450 million baht), frozen skipjack fish (12,192 million baht), and prepared food (11,099 million baht).
While the top 5 trading partners of Thailand, based on agricu
ltural trade statistics in 2023, are ASEAN, China, the United States, Japan, and Australia, which are countries that already have free trade agreements with Thailand, except for the United States.
For the overall trend of Thai agricultural trade in the first 4 months of 2024, it is considered quite good, both in terms of the growth rate of exports to the world and the agricultural trade surplus with the world. In addition, Thailand still has an agricultural trade surplus with all of Thailand’s major trading partners mentioned above.
The global economic situation, geographic conflicts, and extreme weather are important factors that inevitably affect the production and trade of Thai agricultural products. OAE has been closely monitoring the trade situation and seeking opportunities to expand Thai agricultural trade through various mechanisms, such as pushing FTA negotiation countries to open their markets for important Thai agricultural products and pushing member countries to improve the level of market open
ing under existing FTAs ??to which Thailand is a member.
Ms. Kanchana Kwanmuang, Deputy Secretary-General of the Office of Agricultural Economics (OAE), said that in the first 4 months of 2024, Thailand had the following statistics on agricultural trade with major trading partners:
ASEAN Thailand and ASEAN have a total agricultural trade value of 216,640 million baht, an increase of 15.09 percent from the same period last year, divided into exports worth 150,295 million baht, an increase of 16.17 percent, and imports worth 66,345 million baht, an increase of 12.70 percent, with Thailand having a trade surplus of 83,950 million baht. Thailand’s main export products include rice, sugar, water/soft drinks/mineral water, other beverages, and starch from cassava. Thailand’s main import products include cassava, corn, other prepared foods, raw coffee beans, and malt extracts.
China: Thailand and China have a total agricultural trade value of 165,037 million baht, down 12.48 percent from the same period last year
. This is divided into exports worth 134,323 million baht, down 15.85 percent, and imports worth 30,714 million baht, up 6.13 percent. Thailand has a trade surplus of 103,609 million baht. Thailand’s main export products include durian, natural rubber, cassava starch, syrup, and cassava. Thailand’s main import products include apples, prepared tuna (e.g. canned tuna), mandarin oranges, grapes, and prepared animal feed.
United States Thailand and the United States have a total agricultural trade value of 70,260 million baht, an increase of 15.45 percent from the same period last year, divided into exports worth 56,326 million baht, an increase of 32.62 percent, and imports worth 13,934 million baht, a decrease of 24.20 percent, with Thailand having a trade surplus of 42,393 million baht. Thailand’s major export products include dog or cat food, rice, prepared tuna (e.g. canned tuna), natural rubber, and TSNR rubber. Thailand’s major import products include soybeans, prepared foods, wheat and meslin, prepared
food for animals, and skim milk powder.
Japan Thailand and Japan have a total agricultural trade value of 59,820 million baht, an increase of 10.79 percent from the same period last year. This is divided into exports worth 55,285 million baht, an increase of 10.50 percent, and imports worth 4,535 million baht, an increase of 14.43 percent. Thailand has a trade surplus of 50,750 million baht. Thailand’s main export products include prepared chicken, frozen chicken meat and offal, dog or cat food, TSNR rubber, and prepared tuna (e.g. canned tuna). Thailand’s main import products include frozen sardines, frozen seafood, frozen beef, sauces and sauce preparations, and prepared food.
Australia Thailand and Australia have a total agricultural trade value of 22,886 million baht, down 18.30 percent from the same period last year, divided into exports worth 12,034 million baht, up 22.19 percent, and imports worth 10,852 million baht, down 40.25 percent, with Thailand having a trade surplus of 1,182 million baht. Tha
iland’s main export products include prepared tuna (e.g. canned tuna), dog or cat food, sauces and preparations for making sauces, rice, and prepared foods, while Thailand’s main import products include wheat and meslin, frozen/chilled beef, durum wheat, malt, and cheese
Source: Thai News Agency
