NutryFarm International said Monday its indirectly wholly owned subsidiary Global Agricapital (Thailand) has landed a sales order of around 65 million yuan from Anhui Dingguan Supply Management to deliver 100 containers of fresh durians from Thailand to China.
The first shipment of the fragrant fruit is expected in November, the company said in a filing to SGX.
Since December 2020, NutryFarm has announced more than 1 billion yuan in agreements to sell fresh Thai durians to major Chinese fruit importers, the statement said.
The durian business boosted third quarter results, with revenue rising 42-fold to HK$516.77 million, NutryFarm said.
“We are seeing that the demand for fresh Thailand durians has started to outpace supply, as durian trees requiring at least five years to start bearing fruits. Furthermore, as an agricultural produce, the durian trade requires significant technical know-hows and industry networks,” Cheng Meng, executive director and CEO of NutryFarm, said in the statement.
“With the growing middle class in China, we believe that there will be more demand for fresh Thailand durians as it gains more popularity and there are opportunities for durians to be further processed into other popular consumer products such as dried durian, durian biscuits, durian cakes, etc.,” Chen added.
In 2020, Thailand exported 575,000 tons of fresh durians to China, valued at around 14.7 billion yuan, up 78 percent on-year, the filing said, noting China has become Thailand’s largest export market for durian.
In the first quarter of 2021, Thailand’s durian exports to China reached US$186 million, or around 1.19 billion yuan, up 14 percent on-year, the statement said.