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Thai food exports seen at record high this year - industry group
Published May 10, 2023 03:52AM ET
Updated May 10, 2023 04:01AM ET
© Reuters. FILE PHOTO: Shipping containers stand at a port in Bangkok March 30, 2015. REUTERS/Athit Perawongmetha/File Photo
BANGKOK (Reuters) - Thailand's food exports are expected to rise by 2.1% to a record of 1.5 trillion baht ($44.31 billion) this year, helped by a recovery in global demand and China's reopening, a leading industry group said on Wednesday.
The country' food shipments, which account for 14.6% of the total, increased 10% year-on-year to 346 billion baht in January-March, said the group with representatives from the Thai Chamber of Commerce, the Federation of Thai Industries and the National Food Institute.
Food exports, however, might see a drop in the second quarter due to a high base last year, before rebounding in the second half of the year, Anong Paijitprapapon, president of the National Food Institute, told a news conference.
"Food shortages throughout the supply chain have increased demand for food products in countries whose economies are recovering from COVID," she said.
Concerns about food security also boosted demand, Anong said, adding Thailand's food exports were in 15th place in the global market with a market share of 2.25%.
Food exporters were still concerned over the strength of the baht and higher power costs, the group said.
"We want the central bank or the next government to ensure that the baht is competitive, otherwise it will be quite a big problem (for exporters)" said Poj Aramwattananont, vice chairman of the Thai Chamber of Commerce.
The baht has appreciated by 2.7% against the dollar so far this year, becoming Asia's second best performing currency after Indonesia's rupiah.
($1 = 33.85 baht)
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