Coconuts market in Thailand

Earlier Report Observations

The domestic market volume for coconuts in Thailand contracted significantly from 915 thousand tons in 2018 to 452 thousand tons in 2023. This decline occurred despite generally rising production, which peaked at 974 thousand tons in 2022, as a growing share of output was directed to export markets. Exports surged from 156 thousand tons in 2018 to 653 thousand tons in 2023, a shift driven by active efforts to diversify away from the Chinese market. Beginning in 2022, the government registered over 100 exporters to penetrate new markets in the Middle East, Europe, and the United States.

Government interventions aimed at stabilizing the sector included purchasing aromatic coconuts at supported prices and tightening scrutiny of unauthorized collectors. Simultaneously, the industry grappled with structural challenges such as oversupply from continued expansion of aromatic coconut plantations and an unfair market structure that pressured farmgate prices. The Department of Agriculture also launched research to develop higher-yielding coconut varieties to improve long-term productivity.

By 2024, Thai coconuts secured Geographical Indication status in the European Union, enhancing their value and access to premium markets. This recognition followed years of policy focus, including the 2023 'Forward Coconut Policy' proposal to restructure the market and promote processing, underscoring the sector's strategic pivot toward export-oriented growth.

Production coconuts in Thailand

In kind, 2017-2020, K t

From 2017 to 2020, Thailand maintained the 10th position globally in coconut production volume.

Top producers of coconuts, 2017-2020

World map of production of coconuts, 2017-2020

After two years of growth, Thailand's coconut production volume declined. In 2020, Thailand produced 618.2 K t of coconuts, marking a sharp decrease of 28.6% compared to the previous year. Between 2017 and 2020, production fell by 18.9%, which translates to an annualized rate of 6.7%. The highest production was recorded in 2019 at 866.4 K t, while the largest increase occurred in 2018 with a 12.6% rise.

Annual dynamics of production in Thailand in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Thailand's coconut production value declined for the second consecutive year. In 2020, the output was valued at 441.9 M $ US, representing a 24.4% drop compared to 2019. Over the period from 2017 to 2020, production value decreased by 23.7%, with a compound annual growth rate (CAGR) of -8.6%. The peak value was recorded in 2018 at 702.3 M $ US, which also saw the largest increase of 21.3%.

Annual dynamics of production in Thailand in value, 2017-2020, M $ US

Exports coconuts from Thailand

Exports in kind, K t

Thailand's coconut export volumes increased for the third consecutive year. In 2020, export volume reached 262.8 K t, reflecting a steep year-over-year rise of 61.2%. Between 2017 and 2020, exports grew by 119.6%, equating to an annualized rate of 30.0%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, K t

From 2017 to 2020, China dominated the geographical structure of Thailand's coconut exports in volume terms, accounting for 96.8% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, M $ US

The market showed signs of volatility during the observed period. Import levels fluctuated 2.1 times between the low in 2017 and the high in 2020. In 2020, Thailand's coconut exports amounted to 187.8 M $ US, reflecting a 70.8% increase from the previous year. The largest decline was recorded in 2019 at 13.7%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, M $ US

From 2017 to 2020, the country structure of Thailand's coconut exports in value terms was heavily focused on China, which held an 87.7% share of total flows, with other partners accounting for the remainder.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports coconuts to Thailand

Imports in kind, K t

The data reveals irregular changes, indicating a volatile market environment. From 2017 to 2019, import volumes showed a peak-to-trough amplitude of 834 664 times. In 2020, coconut shipments to Thailand from abroad amounted to 372.2 K t, up by 73 775 463.9% compared to 2019. The minimum value was recorded in 2019 at 0.0 K t, which also saw the largest decline of 100.0%.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, K t

Over 2017–2020, imports of coconuts to Thailand in volume terms were largely concentrated on Indonesia, which accounted for 71.7% of total flows; other countries together formed the residual share.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, M $ US

The market exhibited an unstable trend throughout the timeframe. Import volumes hit a low in 2019 and peaked in 2020, with a top-to-bottom ratio of 151 370 times. In 2020, Thailand's coconut imports amounted to 160.2 M $ US, representing a 15 136 876.5% improvement from 2019. The minimum value was recorded in 2019 at 0.0 M $ US, which also saw the largest decline of 100.0%.

Annual dynamics of product's imports to Thailand in value, 2017-2020, M $ US

Throughout 2017–2020, Indonesia and Vietnam were the principal sources for Thailand's coconut imports in value terms, jointly accounting for 95.8% of total flows; other partners each held significantly smaller shares.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020