Thailand has become Vietnam's third largest produce export market

In January this year, Vietnam imported approximately US$7.2 million worth of produce from Thailand.…

In January this year, Vietnam imported approximately US$7.2 million worth of produce from Thailand. The export volume of produce to Thailand increased 2.2 times, with export value reaching US$16.2 million.

Data from the Vietnam Agricultural Products Processing and Market Development Agency shows that the country’s export value of produce in January this year totaled approximately US$260 million, showing a year-on-year decrease of 7.6%. China stays the biggest importer, with an import value of approximately US$147 million (56.5% of the market share), followed by the United States (US$16.3 million), Japan (US$10.5 million), and South Korea (US$9.2 million).

It is worth noting that Thailand's imports of produce from Vietnam are increasing. For example, in January this year, Vietnam imported approximately US$7.2 million worth of produce from Thailand. During the same period, its export value was 2.2 times the value of Thai imports, reaching US$16.2 million, a 95% increase from the previous quarter.

In the past, Vietnam had a large trade deficit in produce trade with Thailand. This has been reversed in 2020 when Vietnam’s produce exports to Thailand reached US$157 million, a year-on-year increase of 209.7%. Thailand became the third-largest market for Vietnamese produce exports, only below China and the United States.

During the same period, produce imports from Thailand dropped sharply. In 2019, the import value was US$487 million. It fell to US$78 million in 2020, showing a decrease of 84%. This was also the first time that Vietnam has experienced a surplus in produce trade with Thailand.