Thailand, heavily reliant on a select few agricultural exports and predominantly exporting to China, is seeking to diversify its export portfolio, according to Deputy Commerce Minister Napintorn Srisunpang. With the top five farm products making up over 87% of agricultural exports and China importing 42% of these products, the country is looking to mitigate risks associated with such concentration.
Napintorn emphasized the importance of branching out both in terms of products and markets, suggesting a focus on research and technological advancement to boost agricultural output. Despite agriculture accounting for just 9% of Thailand's GDP, it represents a significant portion of the nation's exports, totaling US$49.2 billion last year. The sector, however, saw minimal growth, with farm produce exports increasing by only 0.2% and processed agricultural products experiencing a 1.7% decline.
The United Kingdom, Philippines, South Africa, Laos, and Singapore were highlighted as markets with substantial growth potential. Additionally, fruits were among the products with the highest export growth rates. Napintorn's strategy involves retaining key markets like the US, China, and ASEAN countries while exploring new opportunities to ensure a diversified and resilient agricultural sector.
Source: nationthailand.com