Thailand’s durian exporters are expected to experience significant growth as HSBC Bank predicts a remarkable 400% increase in global durian consumption, primarily driven by China’s surging demand.
China has solidified its position as the world’s leading durian importer, accounting for 91% of the global durian market, with a total value of 6 billion USD over the past two years.
The “King of Fruits” has gained immense popularity in China, where it not only represents a fruit but also symbolizes generosity, making it a prized gift during engagement ceremonies. This surge in demand began in early 2017, with durian prices exceeding 10 USD per kilogram in China, compared to the average of approximately 6 USD per kilogram in Southeast Asian countries.
According to HSBC’s ASEAN region economist Aris Dacanay, major durian exporters within the ASEAN group are reaping the benefits of this trend, with Thailand leading the way. Thailand, as a leading exporter of durians within ASEAN, is also well-positioned to capitalize on the booming market.
Aris noted that the Regional Comprehensive Economic Partnership (RCEP), a regional free trade agreement comprising ASEAN, China, South Korea, Japan, Australia, and New Zealand, has also provided signatory states with equal access to the vast Chinese market. This favorable trade environment has contributed significantly to the impressive growth of the durian market and presents optimistic prospects for Thai durian exporters. (NNT)