Thai agricultural products are growing rapidly! Which markets are our new opportunities?

Thailand’s agricultural trade in 2024 continued to grow steadily, with a total value of 2.53 trillion baht for the whole year, divided into export value of 1.8 trillion baht, an increase of more than 137 billion baht from the previous year, or an increase of 8.28%, while import value was 727 billion baht, an increase of only 2.24%.

Thailand’s main trading partners last year were:

• ASEAN (23%)
• Chinese (21%)
• United States (9%)
• European Union (9%)
• Japan (7%)

In the ASEAN group, trade with the region’s nine major countries continued to expand, with Thailand having a trade surplus of 229,687 million baht, exports of 410,830 million baht, and imports of 181,143 million baht.
Top 5 important export products:

1. Rice (e.g. Jasmine rice, glutinous rice) – 46,065 million baht
2. Sugar from sugarcane – 38,211 million baht
3. Sugary or flavored beverages – 27,577 million baht
4. Raw sugar – 22,434 million baht
5. Non-alcoholic beverages such as UHT milk – 19,022 million baht

Top 5 imported products:

1. Cassava – 21,622 million baht
2. Animal feed corn – 19,430 million baht
3. Processed foods (e.g. tofu, non-dairy creamer) – 18,764 million baht
4. Raw coffee beans – 8,614 million baht
5. Frozen or processed fruits – 7,382 million baht

Who are the key partners in Thai agricultural exports?
The top 3 ASEAN countries that import the most Thai agricultural products are:

1. Malaysia
   Export value 77,321 million baht, main products include natural rubber, frozen chicken, rice, palm oil and animal feed.
2. Indonesia
   Export value 68,428 million baht, focusing on rice, sugar, fresh fruit, animal feed and cassava flour.
3. Cambodia
   Export value 62,826 million baht, main products are sugar, non-alcoholic beverages, mineral water and processed food.

Trade trends in the first quarter of 2025
During January-March 2025, agricultural trade in ASEAN remained bright, with Thailand exporting 100,491 million baht and importing 59,576 million baht, resulting in a trade surplus of 40,915 million baht.

Main export products in the first quarter were:

• Raw sugar
• Refined sugar
• Sweet drinks and mineral water
• Soy milk and
• Processed foods

Opportunities and challenges for Thai agricultural trade on the world stage
Although agricultural exports continue to grow due to global consumer demand, foreign policies, especially tariffs by some countries, need to be monitored, which could affect the prices of Thai products in foreign markets.
On the other hand, trade tensions among major powers may provide an opportunity for Thai agricultural products to gain more market share, but we should be careful about products from competitors that may flow into the same market.

Data source : Analysis from government data and agricultural economic agencies.
Note : All figures are from 2024 – early 2025.