The Commerce Minister of Thailand, Phumtham Wechayachai, is continuing his efforts to expand trade and promote Thai goods and services, this time in Hong Kong. Phumtham is leading a ministry team on a visit to Hong Kong to strengthen trade links between Thailand and Hong Kong, with a focus on selling more Thai goods and services in the area, particularly for small and medium-sized firms. The delegation will attend the Hong Kong International Film and TV Market to promote Thailand's Y TV series worldwide. They will also sign a memorandum of understanding to support trade in three areas: trade information exchange, support for SMEs' trade activities, and collaboration in promoting trade through e-commerce systems. Hong Kong is Thailand's third-largest export market for Thai rice, and bilateral commerce between Thailand and Hong Kong in 2023 was valued at $13.7 billion. Thailand had a trade surplus of $8.48 billion with Hong Kong.
Thailand expects rice exports to Hong Kong and China to increase this year, with Hong Kong projected to import roughly 180,000 tonnes of rice from Thailand. Last year, Hong Kong imported 257,200 tonnes of rice, with 57.7% coming from Thailand. The Rice Merchants' Association of Hong Kong confirmed it would continue to import rice from Thailand. The Thai government set a 2024 rice export target of 7.5 million tonnes.
Thailand's Department of International Trade Promotion (DITP) is also working to increase exports to China and Hong Kong by promoting Thai products such as food, fashion, and films. The DITP plans to hold Thai food festivals in major events and promote them through digital platforms. Thai fruits are already being promoted in several cities, and partnerships with Hema Supermarket are in the works. Thai fashion and the film industry will also be promoted in Shanghai and Hong Kong. Trade fairs and showcasing Thai products in shopping malls and convenience stores are part of the promotion strategy. [f56eeb9b] [12f3220f] [182e1cd0] [42f5b243] [38ba4596]
The National Food Institute (NFI) predicts that the value of Thailand's food exports will increase by 8.8% year-on-year to 1.6 trillion baht this year. The increase is driven by growing global demand and a decrease in the prices of raw materials such as tuna, sugar, soybeans, and wheat. During the first six months of this year, the value of Thai food exports increased by 9.9% year-on-year to 852 billion baht. Food manufacturers and exporters will face challenges including higher freight rates and the impact of a sluggish US economy. In the second half of this year, the value of food exports is expected to increase by 7.8% year-on-year to roughly 797 billion baht. Thailand's trading partners have concerns regarding food security issues, which could drive up demand for food but also increase competition in the world market. Thailand has maintained a trade surplus with China, amounting to 272 billion baht last year, but there are concerns about the increasing import of agricultural produce from China negatively impacting Thai farmers. [9132f223]