Thai food and crop market enjoys growth from AFTA

BANGKOK, 29 April 2010 (NNT) — The Thai market for agriculture and food experienced positive growth since the ASEAN Free Trade Agreement (AFTA) has come into effect, according to the National Food Institute (NFI).

NFI Executive vice-president, Amorn Ngammongkolrat stated that the export value in the first quarter of this year was at 49.2 billion THB, an increase of almost 100% year-on-year. The five major exports of Thailand include Indonesia, Philippines, Malayasia, Cambodia and Vietnam, exporting 34.2% of sugar and 17.8% of rice, Mr Amorn said.

Meanwhile, food imports from other ASEAN countries are valued at 8.8 billion THB, increasing by 4.8%, from main countries such as Indonesia, Malaysia and Singapore. Currently, the ASEAN market is one of the top four main countries for exports, with a rate of 24% exports.

Currently 95% of the products imported into the country have enjoyed 0% tariff. The enforcement of the ASEAN Free Trade Area (AFTA) agreement started since 1 January 2010, enabling imported products from participating countries to be tax-free. Those countries include Thailand, Malaysia, Indonesia, the Philippines, Singapore, and Brunei.