Thailand: Sugar Market 2024

Sugar Market Size in Thailand

The Thai sugar market shrank remarkably to $X in 2022, falling by X% against the previous year. Overall, consumption showed a pronounced decline. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sugar Production in Thailand

In value terms, sugar production declined significantly to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of X%. Sugar production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The average yield of sugar in Thailand stood at less than X kg per ha in 2022, approximately reflecting the year before. In general, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of sugar in Thailand amounted to less than X ha, flattening at 2021 figures. Overall, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from Thailand

In 2022, overseas shipments of sugar were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a perceptible slump. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, sugar exports soared to $X in 2022. In general, exports, however, showed a abrupt decline. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for sugar exports from Thailand, with a X% share of total exports. Moreover, sugar exports to Indonesia exceeded the volume sent to the second major destination, South Korea (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Malaysia (X% per year).

In value terms, Indonesia ($X) remains the key foreign market for sugar exports from Thailand, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with an X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average sugar export price amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced a decline.

Sugar Imports

Imports into Thailand

In 2022, purchases abroad of sugar increased by X% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sugar imports surged to $X in 2022. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, India (X tons) was the main supplier of sugar to Thailand, with a X% share of total imports. It was followed by Australia (X tons), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%.

In value terms, India ($X) constituted the largest supplier of sugar to Thailand, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to X%.

Import Prices by Country

The average sugar import price stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the import price saw a deep contraction. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Australia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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