Thailand – Ministry: Exports likely to hit all-time record

• Oct 25, 2017

Thai export value could reach an all-time high US$232.6 billion this year if the monthly value is at least $19 billion in the fourth quarter of this year, according to the International Trade Promotion Department.

The previous record was set in 2012, when the value reached $229.1 billion, according to ministry statistics. 

Chantira Jimreivat Vivatrat, director-general of the department, said on Tuesday that the monthly export value in the last three months of the year was likely to be at least $19 billion baht because the recovering global economy and economies of trading partners would likely push demand for Thai products.

“If the exports in the remaining months of the year grow continuously, the value of shipments for the whole year will rise by 8% to an all-time high of $232.6 billion from $215.4 billion last year,” Mrs Chantira said.

For the rest of the year, the department would promote exports in agriculture, farm machinery, entertainment and animation products, as well as jewellery.

Mrs Chantira expected the export value would continue to increase next year in the wake of the global economic recovery.

However, she saw as risk factors uncertain policies of the United States, the impacts of the British exit from the European Union, various trade barriers, other countries’ efforts to promote local production and to reduce imports, foreign exchange rate fluctuations, international political issues and terrorism.

Next year, her department would conduct marketing campaigns by focusing on individual cities, promoting strategic partnerships, targeting the countries where the prime minister already visited, and effectively implementing free trade agreements.

It would also target niche markets and services such as those involving hotels, restaurants, amusement parks, construction, interior design, the elderly, the super-rich, maternity, and pet sectors, Mrs Chantira said.

Source: https://www.bangkokpost.com/business/news/1348252/ministry-exports-likely-to-hit-all-time-record