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Thailand, the world’s 6th biggest exporter of fruits

Export value of fruit in the first 10 months of this year reached three billion U.S. dollars, making Thailand the 6th largest fruit exporter in the world.

National News Bureau of Thailand

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BANGKOK(NNT) – Known for its good taste and quality, Thai fruits have gained much popularity in foreign countries.

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Tax waivers from FTAs for exports to partner countries have raised the value of fruit exports in the first 10 months of this year to at least three billion U.S. dollars, making Thailand the 6th largest fruit exporter in the world.

The Department of Trade Negotiations Director General Auramon Supthaweethum, said today that Thai fruit exports continue to expand despite global economic challenges affecting the export sector.

This is partially due to more health-conscious consumer behavior, and tax exemption benefits under FTA agreements with partner countries, particularly China, Australia, New Zealand, Chile, Peru, and Hong Kong, where all import duties on fresh and frozen Thai fruit are waived.

In the first 10 months of 2019, the value of Thai fruit exports reached 3.213 billion U.S. dollars

Meanwhile, other FTA partners such as Japan, South Korea, India, and Malaysia have started lowering or waiving import taxes on most types of fruit as well.

In the first 10 months of 2019, the value of Thai fruit exports reached 3.213 billion U.S. dollars, showing 41 percent growth year-on-year.

This makes Thailand the world’s 6th largest fruit exporter, following Spain, the Netherlands, Mexico, the United States, and Chile. The most popular exported Thai fruit are tropical fruit such as durian, mangosteen, and longan, of which Thailand is the largest exporter in the world.

Consumers’ shifting preference towards a healthy diet provides a golden opportunity for Thai farmers and companies to expand fruit exports to foreign markets, but this will require farmers to maintain and even improve the quality of their produce, which will then be fast tracked for export under the FTA agreements.

Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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