Agri Commodities

Thailand: Agri-Commodities Market Overview

Thailand- Commodities Market Overview

Thailand (Thai: ประเทศไทย), previously known as Siam and officially as the Kingdom of Thailand, is a Southeast Asian country. You must have known this beautiful country for tropical beaches, opulent royal palaces, ancient ruins, and ornate temples displaying figures of Buddha, but it’s much more than that. Its rising Agri-commodities market has also added glories to its popularity and has brought global fame to the country.

Thailand is commonly known as ‘The Land of Smiles’. Its wonderful rural surroundings, farmlands, delightful cuisines, and Jasmine Rice make it so special that caters exceptionally well to tourists despite appearing to be in the middle of nowhere.

Here, you will get deep insights and interesting facts about Thailand’s commodities market, global trade, and a complete market overview.

Thailand’s socio-economic growth has been exceptional in recent years. It achieved upper-middle-income status in 2011 and seeks to achieve higher-income status by 2032.

Before the 1960s, the Thai economy was largely dependent on the production of rice and other foodstuffs for local consumption.

Thailand had begun on a steady path of industrialization by the 1980s; even the late-twentieth-century economic crisis could not stop this economic change but was delayed.

Thailand’s economy was one of the fastest expanding economies in the world between 1963 and 1997.

In 1963, the enactment of the first national development plan accelerated the transition from agricultural to industry.

Although Thailand has emphasized developing a more forward-thinking, modern economy, ranking second only to Singapore in economic backing within the ASEAN cluster, the country’s agriculture sector remains a critical gear in the engine propelling the country ahead.

It maintains its enviable position as a significant exporter of products – including highly consumed agricultural commodities such as rice, sugar, and rubber – across the world by capitalizing on its long-standing farming history and a favorable environment.

Domestic Production and Global Market:

  • Thailand’s agriculture industry accounts for 9 percent (approx) of its GDP and employs 49 percent of the total workforce.
  • Thailand is mainly dependent on agriculture, with 20.4 million hectares of farms (ESCAP).
  • Rice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, and soybeans are some of the major crops grown in Thailand.
  • With over 60% of Thai farmers preferred cultivation, Rice is one of Thailand’s most important crops. Half of Thailand’s cultivated area is dedicated to rice production, and the country is one of the world’s major rice exporters.
  • Thailand is also a leading exporter of tapioca, rubber, frozen shrimp, canned tuna, and canned pineapple in the world. Rice, cassava, rubber, sugar, corn, and palm oil contribute to almost three-quarters of Thai agricultural valuation.
  • Thailand is the largest exporter of sugar as well. Thailand is also the major producer and exporter of dairy products in ASEAN, producing around one million tons of milk each year.
  • It is also one of the top three palm oil producers in the world; however, nearly all of the palm oil produced locally is used and consumed in the domestic markets only. Pineapples, coconuts, tapioca, tuna, and shrimp are some other important exports.
  • Interestingly, despite being late to the coffee-growing field, Thailand has become one of the major coffee-producing nations.
  • The entire value of agricultural commodities imported to Thailand in the year 2020 is 717 Billion Baht approximately. With considerable potential in 2020, the import value of agricultural goods has grown in recent years.

Thailand’s Top Export Destinations Of Agri-Commodities In 2020:

Cambodia 2.62 percent (6.08 billion US dollars)
China 12.8 percent (29 billion US dollars)
Myanmar 1.64 percent (3.79 billion US dollars)
France 1.6 billion US dollars
Canada 1.54 billion US dollars
Czech Republic 628 million US dollars
Denmark 357 million US dollars
Chile 337 million US dollars
Sri Lanka 301 million US dollars
Benin 224 million US dollars

 

Thailand’s Top Trade Deals (Import Sources) In 2020:

China 24 percent (49 billion US dollars)
Myanmar 1.34 percent (2.79 billion US dollars)
France 1.08 percent (2.25 billion US dollars)
Angola 1.25 billion US dollars
Cambodia 1.14 billion US dollars
Canada 767 million US dollars
Chile 410 million US dollars
Denmark 401 million US dollars
Finland 288 million US dollars
Czech Republic 238 million US dollars

 

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