Thai Department of Commerce collaborates to stabilise fruit market

The Department of Commerce, in collaboration with global fruit importers, is examining the futures market and preparing to roll out an additional 35 initiatives. These initiatives are aimed at promoting Thai agricultural products, to maintain price stability throughout the year.

Commerce Minister Phumtham Wechayachai yesterday presided over a business-matching project’s launch. This project, centred on fresh and processed fruit and other agricultural products, aims to counter potential trade barriers. The launch took place at Centara Grand at Central Plaza Ladprao, Bangkok.

Phumtham expressed that the problem lies not with crop surplus but rather with management. He stated the need for effective management of agricultural production for the benefit of the nation, consumers, and producers both domestically and internationally.

The business-matching project has generated attention from international businesses and Thai exporters, leading to five trade agreements valued at over 2 billion baht. The collaboration involved various government agencies, including the Commerce Ministry, the International Trade Promotion Department, provincial commerce offices, commercial counsellors in overseas offices, farmers, and exporters, reported Bangkok Post.

Phumtham highlighted the potential for integrating digital content with agricultural products to enhance their value and broaden their markets. The focus will be on incorporating digital content into processed agricultural products, aiming to reduce burdens, provide convenience, and create opportunities for entrepreneurs.

Prime Minister Srettha Thavisin emphasised the need for amendments to laws that obstruct business operations, acknowledging the private sector’s critical role in the country’s income generation. Phumtham also advocated for large enterprises to support smaller businesses.

Phumtham stressed the necessity for Thai businesses to adapt to new global trade regulations, which promote product sustainability and rules of origin.

The International Trade Promotion Department plans to fast-track activities to boost the export of fresh and processed fruit and other agricultural items, with more than 35 projects both domestically and internationally.

In 2023, the value of fresh and processed fruit exports amounted to 300 billion baht (US$8.4 billion). This year, projections indicate a potential increase to 312 billion baht, a 4% surge from the previous year.