Thailand’s trade value with ASEAN members totaled 148.7 billion baht in first quarter

Trade in agricultural products between Thailand and other ASEAN countries saw a 4% increase in the first quarter of 2023.

According to recently released data from the Office of Agricultural Economics, Thailand’s trade value with the other nine ASEAN member states totaled 148.7 billion baht from January to March of this year. This reflected a 4% increase compared to the same period last year. Key export commodities included sugar, energy drinks, rice, non-alcoholic beverages, natural latex, pet food and flavorings, sauces, spices, and condiments, which cumulatively brought in 101.062 billion baht.

During the same period, the value of agricultural imports declined from last year’s figures to nearly 47.7 billion baht. Consequently, Thailand recorded a trade surplus of 53.4 billion baht with the ASEAN market in the first quarter.

Indonesia, Malaysia and Cambodia emerged as the top three regional markets for Thai agricultural goods – indicating continued demand for Thai agricultural products throughout the regional bloc.

The Office of Agricultural Economics noted that Thai products meet the quality and standard requirements of ASEAN consumers. The office added that the kingdom’s adherence to global trends of environmentally friendly manufacturing, maintaining quality standards, and expanding marketing channels will be key in facilitating continued trade growth. (NNT)