Food export value to rise on higher prices

Food export value to rise on higher prices

Overseas hoarders pushing up demand

Thai food export value is expected to rise by 10.2-12.2% year-on-year to 1.08-1.10 trillion baht this year as prices of some farm produce are set to increase, thanks to growing demand for food in overseas markets, says Industry Minister Suriya Jungrungreangkit.

The ongoing spread of infections in many countries will benefit the Thai food processing business because foreign customers tend to buy and stockpile food products during lockdowns.

The improved export outlook for 2021 follows a sluggish year in this sector.

From January to November last year, food exports decreased by 7.39% year-on-year to 981 billion baht in value due mainly to lockdown measures and customers’ worries over contamination in frozen food, said Mr Suriya, citing…