Thailand: Maize Market 2024

Maize Market Size in Thailand

The Thai maize market fell to $X in 2022, which is down by -2.9% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Maize Production in Thailand

In value terms, maize production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 23% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

In 2022, the average maize yield in Thailand fell slightly to X tons per ha, approximately reflecting 2021 figures. The yield figure increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 11% against the previous year. The maize yield peaked at X tons per ha in 2021, and then contracted slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the maize harvested area in Thailand stood at X ha, remaining stable against the previous year. The harvested area increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 18% against the previous year. Over the period under review, the harvested area dedicated to maize production reached the peak figure at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Maize Exports

Exports from Thailand

Maize exports from Thailand shrank to X tons in 2022, with a decrease of -5.5% on the previous year. The total export volume increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 26% against the previous year. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, maize exports declined to $X in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when exports increased by 15% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for maize exports from Thailand, with a 40% share of total exports. Moreover, maize exports to Malaysia exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+9.4% per year) and Singapore (+2.6% per year).

In value terms, Japan ($X), Taiwan (Chinese) ($X) and Malaysia ($X) were the largest markets for maize exported from Thailand worldwide, with a combined 37% share of total exports. Switzerland, the UK, the United Arab Emirates, Singapore, Hong Kong SAR, the Czech Republic, the Netherlands, Germany and France lagged somewhat behind, together comprising a further 44%.

The United Arab Emirates, with a CAGR of +27.0%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, dropping by -8% against the previous year. In general, the export price continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2016 when the average export price increased by 7.6% 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.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Thailand

In 2022, the amount of maize (green) imported into Thailand soared to X tons, rising by 29% compared with the previous year. Over the period under review, imports saw a pronounced increase. The pace of growth was the most pronounced in 2020 when imports increased by 118% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, maize imports skyrocketed to $X in 2022. Overall, imports posted prominent growth. The growth pace was the most rapid in 2018 with an increase of 98%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main supplier of maize to Thailand, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +4.9%.

In value terms, China ($X) constituted the largest supplier of maize (green) to Thailand.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.1%.

Import Prices by Country

The average maize import price stood at $X per ton in 2022, jumping by 36% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2019 an increase of 38%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +2.1% per year.

Source: IndexBox Platform

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