Thailand’s exports could grow 9 percent this year: Thai commerce ministry
Thailand is looking likely to record a 9 percent growth in exports this year, higher than the previous forecast of 8 percent, thanks to high global demand, according to the country’s Ministry of Commerce.
Bangkok (VNA) – Thailand islooking likely to record a 9 percent growth in exports this year, higher thanthe previous forecast of 8 percent, thanks to high global demand, according tothe country’s Ministry of Commerce.
The prediction was based on the fact thatexports in July grew by 8.3 percent from the same period last year and 10.57percent from January.
In 2017, Thailand’s overseas shipments rose 9.9percent.
Exports among Thailand and other countries inthe region have enjoyed certain favourable conditions as tariff barriers havebeen removed, with many companies choosing Thailand to locate their productionfacilities.
Meanwhile, many experts believe that amidst the US-Chinatrade war, Thailand could benefit from opportunities to export items to both theUS and China. –VNA
Thailand’s Department of International Trade Promotion (DITP) has set a target of 6.5 percent growth for exports to member countries of the Association of Southeast Asian Nations (ASEAN).
The Trade Policy and Strategy Office (TPSO) of Thailand revealed that Thai exports rose by 12.3 percent in April due to a higher demand for farm produce.
Thailand’s economy is expected to expand 4 percent in the second quarter of 2018 driven by personal consumption, public spending and increasing exports, said the Fiscal Policy Office (FPO) under the Ministry of Finance.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Illustrative photo (Photo: Bloomberg) 
