Thailand-Panama to restore pre-pandemic level of trade

Paphamon Arayasukawat

BANGKOK (NNT) - The Ministry of Commerce is now aiming to restart exports to international markets as the pandemic deescalates, with a plan to restore the 10 billion baht pre-pandemic level of trade with Panama, using premium rice as the star product.

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit, has welcomed a courtesy call from the Ambassador of Panama to Thailand Itzel Karina Chen Chan, during which the two discussed trade and investment opportunities between their countries.

Suffering from the pandemic, the Thailand-Panama trade figure dropped last year to only 3.9 billion baht. The Ministry of Commerce is now attempting to restore the pre-pandemic level of trade, which was as high as 10 billion baht in 2016.

As an export market for Thailand, Panama is considered a quality market, with high incomes among its 4.2 million population. Key export products from Thailand to Panama include cars and parts, processed canned seafood, computers, and electronics.

Due to its strategic geographical location, Panama can also serve as a gateway for Thai products to enter the Latin-America region.

Thailand is now aiming to export more premium rice to Panama to help meet the country’s high rate of rice consumption, as Thai rice currently accounts for only 1% of rice sold in the Central American country.

Since the meeting, Thai officials have invited private firms in Panama to participate in online business matching sessions next week on fresh and processed fruit, as well as attend a Thai food expo to be held at IMPACT Muang Thong Thani exhibition center in Nonthaburi in May.