Ministry of Commerce monitors Middle East situation, assesses impact on Thai exports
The ministry has ordered daily situation tracking across key markets, watching energy and freight costs, shipping routes and buyer demand to mitigate risks to Thai exporters.
- The Ministry of Commerce is closely monitoring the escalating tensions in the Middle East, instructing its agencies and 58 global Thai Trade Centres to conduct daily analysis.
- The assessment focuses on the potential impact on Thai exports, including rising energy prices, increased freight and logistics costs, and disruptions to international shipping routes.
- In response, the ministry is preparing a detailed risk analysis, developing plans to diversify export markets, and coordinating with the private sector on mitigation measures and financial support.
Suphajee Suthumpun, Minister of Commerce, disclosed on Sunday (March 1) that the situation regarding rising tensions in the Middle East, which show signs of intensifying and could affect global economic stability, particularly in energy, logistics, and financial market confidence.
The Ministry of Commerce has instructed all agencies under its supervision to closely monitor and assess developments, conducting day-by-day analysis.
The Minister of Commerce said the Middle East is a high-potential market and important for Thailand’s exports, covering the Gulf Arab states, Israel, and other trading partners in the region.
At the same time, the tensions could affect global energy prices, freight rates, international shipping routes, and production costs for businesses.
To prepare, the Ministry of Commerce has assigned all 58 Thai Trade Centres worldwide to report closely on the economic and trade situation and measures taken by partner countries, especially those in the Middle East, Europe, and the United States, which may be indirectly affected by the situation.
They will also monitor changes in shipping routes, marine insurance, logistics costs, and importers’ purchasing behaviour.
In addition, the Ministry is preparing an in-depth, product-by-product impact assessment to analyse risks across industries, while developing approaches to further diversify export markets into other regions such as South Asia, Africa, and Latin America, to reduce risks from over-reliance on any single market.
In terms of supporting businesses, the Ministry of Commerce will hold discussions with the private sector, the Thai Chamber of Commerce, the Federation of Thai Industries, and logistics-related agencies to hear concerns and determine appropriate mitigation measures.
It will also coordinate with state financial institutions to prepare financial tools in case exporters are affected by global market volatility.
The Minister of Commerce emphasised that these actions form part of integrated coordination with all relevant agencies, including government security and foreign affairs agencies, to ensure comprehensive protection of national interests, both in terms of the safety of Thai nationals and economic security.
“The Ministry of Commerce and the government ask entrepreneurs to closely follow information from government agencies and not to panic. All agencies will integrate proactive efforts to maintain the stability of Thai exports and build confidence among trading partners in every region,” Suphajee said.
The government, led by Prime Minister and Minister of the Interior Anutin Charnvirakul, will continue to monitor the situation and is ready to adjust measures in line with developments at different levels, so that Thai businesses can continue trade activities steadily and without disruption.
