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Thailand: Record export tally forecast for 2017
Exports are forecast to hit a record high of US$232.6 billion (7.72 trillion baht) this year, up 8% from 2016 because of a recovering global economy and strong demand for Thai goods, says Chantira Jimreivat Vivatrat, the newly appointed director-general of the International Trade Promotion Department.
The Commerce Ministry is planning more measures to support shipments, she said, and expects exports to exceed $19 billion a month for the rest of the year to meet the 8% growth forecast for 2017.
The bullish prediction came after exports rose for a seventh straight month in September, surging 12.2% year-on-year to a record high of $21.8 billion.
“If we can export at least $19 billion a month during the rest of the year, our annual total would reach $232.6 billion, the highest ever,” said Mrs Chantira.
She said the Commerce Ministry is also due to have a brainstorming session with the private sector in January to set an export growth target for 2018.
To achieve the goal, the department has planned several proactive exports measures to help attract major buyers, including more trade fairs and business matching events.
Mrs Chantira said the ministry will initially focus on agriculture, agriculture machinery, jewellery, entertainment and animation.
It will start with a rice promotion trade event where major Thai rice importers will be invited to meet exporters in Bangkok during Oct 30-Nov 2.
The goal, she said, is to help Thai exporters sell up to 30,000 tonnes of rice. Of the total, some 586 million baht of sales are projected for the event, with another 30 billion baht from long-term export contracts signed during the business matching sessions at the event.
The ministry also plans to take Thai filmmakers to meet their American counterparts in the US in early November, in the hope of achieving export deals for Thai films and animation.
During November, the ministry is also due to hold several trade fairs and events abroad, including Thai health and beauty fairs in China and India.
Mrs Chantira said the Commerce Ministry would still focus on its policy to create more free trade agreements with new partners as well as encourage exporters to make use of lower tariff and trade facilitation from the existing FTAs.
The government will also maintain its policy to tighten trade ties with its traditional export markets, including Asean, Russia, China, Iran and the Middle East. It also planned to penetrate new niche markets such as wealthy countries to export higher-value items.
Source: https://www.bangkokpost.com/business/news/1348486/record-export-tally-forecast-for-2017