Thailand: National Food Institute predicts an 8.8% jump in food exports to B1.6 trillion baht

The value of Thailand's food exports is expected to increase by 8.8% year-on-year to 1.6 trillion baht this year, driven by growing global demand and a decrease in the prices of raw materials, says the National Food Institute (NFI). "Raw materials such as tuna, sugar, soybeans, and wheat have seen a decrease in price, which benefits the food processing industry," said Supawan Teerarat, president of the NFI. During the first six months, the value of Thai food exports increased by 9.9% year-on-year to 852 billion baht. Food manufacturers and exporters will continue to face challenges this year, including higher freight rates resulting from geopolitical conflicts and the impact of a sluggish US economy. The US economy is expected to enter a cyclical slowdown from late this year through to 2025, KGI Securities (Thailand) reported earlier. These factors would put more pressure on Thailand's export sector, said the NFI. In the second half of this year, the value of food exports is ...