The Commerce Ministry wants to grow food exports by 10% this year, driven by increasing demand and higher Thai standards for quality, safety and sustainable production processes.
Speaking during the opening of THAIFEX-ANUGA ASIA 2023 on Tuesday, Commerce Minister Jurin Laksanawisit said the ministry expects food exports to reach 1.55 trillion baht this year, up from 1.36 trillion in 2022.
The food and beverage event is scheduled to run until Saturday, drawing more than 100,000 attendees over the course of five days. The event should increase Thai food exports, with an estimated revenue of more than 70 billion baht worth of transactions generated.
This year's event is the largest since 2019, with more than 3,000 companies participating and around 6,000 booths from 140 countries.
"This year, Thai food exports, including agricultural products and various cash crops, are expected to fare quite well, with decent prices," said Mr Jurin.
"Rice exports are expected to reach 8 million tonnes this year, along with cassava and fresh fruit. Land transport to China has improved through various border checkpoints such as Youyiguan and Mohan."
However, he pointed to risk factors for this year, include the global economic slowdown.
According to a joint report by the Thai Chamber of Commerce, the Federation of Thai Industries and the National Food Institute, food exports were valued at 346 billion baht in the first quarter of 2023, up by 10% year-on-year.
The growth was attributed to increasing demand for food products in the global market, concerns about food security, the Ukraine war, and extreme weather conditions resulting from the El Niño phenomenon.
The lifting of China's strict zero-Covid restrictions also helped support the expansion of Thai food exports.
Export products that gained in the first quarter included sugar, rice, chicken and fresh fruit.
The National Food Institute expects exports of food products to contract in the second quarter from a high base the previous year, then recover in the second half of the year.
In the first half, exports of food products are expected to tally 734 billion baht, down 1% year-on-year.
The value is forecast to expand by 5.2% in the second half, with a total export value of 766 billion baht, according to the institute.
Visit Limlurcha, honorary president of the Thai Food Processors Association, said the private sector is targeting 3-5% growth in food exports this year.
"Last year's significant growth in exports exceeded expectations, leading to a higher base," said Mr Visit.
"Whether the ministry's target of 10% growth can be achieved depends on the availability of raw materials for food production. The private sector is concerned about drought and hot weather. If water management is well-executed, food exports could potentially achieve 10% growth."
