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Free trade agreements (FTAs) have turned Thailand into the largest exporter of agricultural products in Southeast Asia and the eighth-largest shipper globally, according to the Trade Negotiations Department. Chotima Iemsawasdikul, director-general of the department, said Thailand's agricultural exports still have high growth potential amid intensifying competition from foreign markets attributed to geopolitical tensions and global economic uncertainties. In the first eight months of 2024, the value of Thailand's agricultural exports tallied US$19.
8 billion, up 8% year-on-year. Thailand's agricultural exports to its FTA partners amounted to $13.7 billion, accounting for 69% of the country's total agricultural exports.
Major importers include China, accounting for 31% of all agricultural exports, followed by Asean (15%), Japan (11%) and South Korea (3%), respectively. Markets with a significant growth rate include Asean at 39%, India (34%), Australia (23%), Singapore (10%), South Korea (9%) and Japan (7%). In August 2024, the value of Thailand's agricultural exports to its FTA partners amounted to $1.
7 billion, up 9% from the previous month. For the month, Thailand's top five agricultural exports continued to grow in the global market, comprising fresh, chilled and frozen fruit worth $604 million (+21%), rice worth $562 million (+41%), natural rubber worth $497 million (+9%), fresh, chilled, frozen and processed chicken worth $392 million (+6%), and tapioca products worth $260 million (+2%). Thai entrepreneurs can expand their exports by leveraging FTA privileges, noted the department.
Thailand has 14 FTAs in place with 18 countries, including the Regional Comprehensive Economic Partnership, which took effect at the start of last year. Import tariffs on most products from Thailand were waived, including those on natural rubber (except in China and India), tapioca products (except in Japan, South Korea and India), processed chicken (except in Japan, South Korea, Chile and Peru), and fresh, chilled and frozen fruit (except in Japan, South Korea, India, Vietnam, Cambodia and Laos)..
