Thailand's food exports likely to grow over 8% in 2019

BANGKOK, February 1 (TNA) - The National Food Institute (NFI) has projected that Thailand's food exports should further grow by about 8.5 per cent year-on-year in 2019. NFI President Yongvut Saovapruk told journalists of the projection on Friday, noting that the forecast figure, if achieved, would be on top of the 1.6 per cent year-on-year growth in 2018, in terms of the Thai currency. Yongvut stated that the anticipated 8.5 per cent expansion of Thailand's food exports this year would be worth about 1.2 trillion baht totally, with shipments of Thai poultry, processed tuna, shrimp, tapioca, seasoning, coconut, pineapple and ready-to-eat food products likely to be on top of the list. Yongvut foresaw that five Thai export products with the highest values this year should include rice, poultry, sugar, processed tuna and shrimp although a slowdown is expected for Thai exports of rice and sugar this year. Poj Aramwattananont, Vice Chairman of the Board of Trade of Thailand, attributed the country's sound expanding food exports this year mainly to a recent decision by the European Union (EU) to revoke its "yellow card" earlier imposed on the Thai fishery products, which has, thus, boosted confidence in the Thai products among importing markets, particularly such major markets as Cambodia, Lao PDR, Myanmar and Vietnam, known as the CLMV group, where Thai food products have gained at least 50 per cent of their market share, as well as other member countries in the Association of Southeast Asian Nations (ASEAN). Poj also attributed Thailand's sound expanding food exports this year to the country's now clear political direction, with the new general election date officially announced on March 24, and low-level but stable energy costs. Poj cautioned, however, that there are remaining risk factors against Thailand's growing food exports this year, including impacts from the uncertain political situation in trading partners, Washington's decision to cut trade privileges earlier granted to Thai exporters of 11 items of major products under its Generalized System of Preferences (GSP) and the ongoing trade war between the United States and China, which could indirectly cause a slowdown in the world economy and consumers' purchasing power, as well as the rising trend of interest rates and the appreciation of the Thai baht against the US dollar. Meanwhile, NFI reported that Thailand's food exports stood at about 1.03 trillion baht or about 32.19 billion US dollars in 2018, a 1.6 per cent year-on-year and 7.3 per cent year-on-year growth respectively, which was ranked at the world's 12th largest food exporting country, from the 14th position in 2017. Based on the Food Intelligence Center Thailand statistics, an integrated body of NFI, the Board of Trade of Thailand and the Federation of Thai Industries (FTI), top Thai food exports in 2018 included rice, poultry, sugar, processed tuna and shrimp, while Thailand's top food importing markets last year included ASEAN, North America, Africa, EU and Oceania. (TNA)