Thailand’s food exports to China likely to double in Q2
Thailand's food exports to China are likely to double in the second quarter, driven by a surge in demand in this market, according to the Thai Food Processors Association.
Thai rice on sale at a supermarket in Bangkok (Photo: VNA)
Bangkok (VNA) – Thailand's food exports to Chinaare likely to double in the second quarter, driven by a surge in demand in thismarket, according to the Thai Food Processors Association.
President of the association Visit Limlurcha,who is also vice chairman of the Thai National Shippers' Council, said that ifthe acute respiratory disease caused by the 2019 novel coronavirus (COVID-19)epidemic can be kept under control in Q1, China's demand for imported food fromThailand is expected to double in Q2.
The value of Thailand's food exports averages 1trillion THB (32 billion USD) annually, while locally produced food earns 2trillion THB in the domestic market. The domestic market could expand furtherbecause the Thai population is 70 million and the country has roughly 40million foreign tourist arrivals every year.
Thailand is one of the world's leading foodexporters, with rice making up the largest share at about 17.5 percent,followed by chicken, sugar, processed tuna, tapioca flour and shrimp.
Its biggest food export market is Japan,followed by China, Vietnam, Indonesia, Myanmar, Cambodia, Malaysia and thePhilippines.
Despite the surge in food demand from China, Visitsaid the association still maintains a food export target of 5-percent growththis year to 34.9 billion USD.
He noted widespread drought remains a keythreat, adding that the baht's continued strength is also a key concern forexporters, as every one-baht gain against the USD erodes food export value byabout 35 billion THB.
In 2019, China was Thailand's biggest foodimporter, replacing Cambodia, Laos, Malaysia and Vietnam collectively. Thaifood exports to China amounted to 151 billion THB, a rise of 34 percent fromthe previous year, making up 14.7 percent of total food exports./.
Thailand’s private sector has lowered the country’s export forecast to a 1.8 percent contraction this year due to the slowing world economy, widespread domestic drought and the deadly virus outbreak.
Vietnam exported 560,000 tonnes of rice in January 2020, earning 270.3 million USD, an increase of 12 percent in volume and 39 percent in value month-on-month, according to the General Department of Customs.
The Thailand Board of Investment (BOI) on February 6 approved a number of measures to accelerate investment and support key sectors of the economy, as well as incentives to help strengthen the grassroots economy and tourism industry.
Thailand risks losing its place as the world’s second biggest rice exporter this year thanks to weaker competitiveness and a lack of new rice varieties to cater to changing market demand.
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Thai rice on sale at a supermarket in Bangkok (Photo: VNA) 
