To reach consumers in China, Thailand’s Commerce Ministry has teamed up with the trading firm Loxley Plc and that company’s partner China Resources Vanguard to export cosmetics and food products to China, according to the Bangkok Post.
"The partnership with Loxley is part of the government’s strategy to drive exports, making the best use of existing international and Thai traders and modern trade as a bridge to connect Thai products to global markets," Apiradi is quoted as saying.
And further partnerships are in the works. The Post also reports that, according to Duangkamol Jiambutr, deputy director–general of the International Trade Promotion Department, Thailand is looking to broaden its existing relationship with Charoen Pokphand Group.
Thai exports to China were over $27bn last year.
Government trade deal
Australia and Thailand are forging ties that will lead to reciprocal trade and investment, according to a report just out from the National News Bureau of Thailand. The countries have made plans for investors, led by the Australian Trade and Investment Minster, to visit Thailand and explore trade opportunities.
Minister Apiradi announced that The Australia and New Zealand Banking Group Limited has secured a permit to conduct transactions in Thailand, another promising development pointed out by the news bureau.
Cosmetics are among Thailand’s primary exports to Australia. (Other exported good include vehicles, plastic products and agricultural products.) This year Thai exports to Australia garnered $5.6bn between January and August.
Popular demand
Thailand’s personal care products, especially those in the wellness, spa and herbal categories have been growing in popularity in the UAE, the US and beyond.
Research organization Mintel has predicted that the Thai beauty market will reach $4.8bn by next year. “We believe that 2015 could be a watershed moment for the Thai beauty market. It is poised to become a more powerful, competitive market. Thai ingredients are already building a following in the West,” director of insight Vivienne Rudd said about the projection.
Domestic cosmetics markets
In a report titled, The Future of the Skincare Market in Thailand to 2017, the research group Companies and Markets estimates that the market will be valued at over Thai Baht 20bn by then.
Growth in the domestic space corresponds to higher consumer spending and changing cultural views about aesthetics. “Thai people are paying more attention to their beauty. There are more environmental factors damaging the skin daily life, such as pollution and hot weather,” wrote Alex De Angelis, author of The Future of the Skincare Market in Thailand to 2017.