Assurance from Pichai on Expected 4% Export Growth Following Encounters with Senior Trade Leaders
Thailand's Commerce Ministry Confident of 4% Export Growth this Year
Thailand aims to achieve a 4% growth in exports this year, according to Commerce Minister Pichai Naripthaphan. This confidence was expressed following a strategic meeting with senior trade officials, trade envoys, and representatives from three key private organizations.
During the gathering at the Ministry of Commerce, Pichai outlined export-boosting policies for foreign trade promotion office directors from around the world. Attendees included Thai diplomats, heads of commerce offices abroad, and representatives from the Thai National Shippers' Council (TNSC), Federation of Thai Industries (FTI), and the Thai Chamber of Commerce (TCC).
Innovative ideas on overcoming challenges posed by factors such as US reciprocal tariffs and global economic uncertainties were encouraged among participants. Strategies proposed focused on leveraging Thailand's soft power to enhance the allure of Thai products and utilizing existing free trade agreements (FTAs).
Minister Pichai presented ten strategic policy directions to intensify Thailand's international trade position, comprising efforts to expand negotiations on US tax measures, accelerate the signing of new FTAs, implement management measures in the fruit sector, open new markets for key agricultural exports, promptly address agricultural product issues, refine the Thai SELECT logo for a more impressive global image, strengthen collaboration between provincial commerce offices and commercial attachés, communicate the Ministry of Commerce's achievements transparently, and fortify cooperation with the private sector.
Emphasizing the need for collaboration between the Ministry of Commerce and the private sector, Pichai proposed quarterly joint meetings to maintain momentum. This proposal was met with positive sentiments from industry representatives, including Phot Aramwattananon, Chairman of the Thai Chamber of Commerce, who appreciated the ministry's clear short-, medium-, and long-term strategies.
The Federation of Thai Industries' President, Kriangkrai Thianukul, commended the ministry's proactive stance, which facilitates clearer planning for the private sector. He suggested diversifying export markets beyond major economies to seize potential opportunities in Arab or Gulf Cooperation Council (GCC) countries, India, and the European Union. Additionally, he emphasized the urgency of finalizing the Thai-EU FTA swiftly.
The Chairman of the Thai National Shippers' Council, Thanakorn Kasetsuwan, characterized the meeting as a promising step signaling strong momentum in international trade. He expressed hope for structural reforms that would establish Thailand as a true "Trading Nation" under a comprehensive long-term strategic vision.
In April, Thai exports surged 14.0% year-on-year to reach US$25.6 billion, demonstrating steadfast export growth in the face of global challenges. The United States has witnessed a 23.8% increase in exports, and additional market growth is anticipated as negotiations with the US continue and are expected to be finalized within 90 days. The Ministry of Commerce remains optimistic that export growth will maintain at least 4% this year, even if the value stagnates in the coming months.
- Despite global economic uncertainties and US reciprocal tariffs, Thailand's Commerce Ministry is optimistic about a 4% growth in exports this year, aiming to leverage soft power to enhance the appeal of Thai products and utilizing existing free trade agreements.
- The ministry has outlined ten strategic policy directions, including expanding negotiations on US tax measures, accelerating the signing of new FTAs, and strengthening collaboration with the private sector, with quarterly joint meetings proposed to maintain momentum.
- Industry representatives, such as Phot Aramwattananon, Chairman of the Thai Chamber of Commerce, have praised the ministry's clear strategies and suggested diversifying export markets beyond major economies to seize potential opportunities in the Arab or Gulf Cooperational Council (GCC) countries, India, and the European Union.
- In the realm of personal finance, investing in sectors that align with this international trade strategy could potentially offer lucrative opportunities, given the anticipated growth in Thai exports.
- As finance experts, it's essential to keep a close eye on the Thai economy and the ongoing negotiations with the US, as these factors may significantly influence the financial market and investment portfolios focused on the business sector, including tourism and football, which are significant contributors to Thailand's economy.
