HK-based NutryFarm International Limited has entered into 2 binding purchase agreements with Thailand’s Royal Farm Group Co., Ltd (RFG) and Thung Thang Thong Co., Ltd (TTT). Under the agreements, the group has entrusted RFG and TTT to purchase an estimated volume of 270 and 300 containers of fresh durians in Thailand respectively.
NutryFarm’s CEO, Cheng Meng said that the group has entered into various agreements to sell over 1,480 containers of fresh durians from Thailand to major Chinese fruit importers since December 2020. The total contract value of these agreements is estimated at approximately Rmb 962 million (US$148 million).
So far, the company has agreed to purchase collectively 870 containers of fresh durians from various sources in Thailand to fulfill the sales orders.
In 2019, Thailand exported US$1.46 billion worth of durians representing a 54.6% growth from 2018, with China, Hong Kong and ASEAN countries accounting for 98 per cent of export volume.
According to latest available data from China Customs, China imported over US$1.62 billion worth of fresh and frozen durians in the first half of 2020. This is a 73.5% growth from the preceding year.
Cheng Meng added, “China’s demand for durians has remained strong despite the pandemic and Thailand is the only country that can export fresh durians to China.” He is optimistic that demand for durians from China market will continue to grow and this needs to be satisfied fully through imports, which bodes well for the company future.
