March 1, 2024

FTAs attributed to continuing competitiveness of Thailand's agriculture exports

Thailand was able to maintain competitiveness in agricultural and agro-industrial product exports in 2023 due to free trade agreements (FTAs) with partners, the Department of Trade Negotiations said on February 25.

The country's exports to FTA partners was valued at US$167.20 billion, down 3% year on year due to the global economic slowdown amid inflation, rising interest rates and geopolitical conflicts. Despite a decline in total export to FTA partners, Thailand's exports of agricultural and agro-industrial products expanded as partners offered tax waivers on those products.

Agricultural product exports were worth US$19.56 billion, up 4% year-on-year, while agro-industrial products exports amounted to US$15.07 billion, up 2% year-on-year.

Thailand's exports to main FTA partners like China and ASEAN nations expanded 11% and 5%, respectively.

Department director-general Chotima Iemsawasdikul said: "Thailand is the top agricultural products exporter in ASEAN and seventh globally. And Thailand is third highest agro-industrial products exporter in ASEAN and 11th globally."

One of the many products that saw a rise of exports was frozen chicken, which increased by 19% in exports to China, Japan and Malaysia

As a key to boost export competitiveness in the global market, Thailand now has 15 FTAs, covering more than 85% of Thai products.

- The Nation