US extends Thailand's GSP export privileges
The US government has extended the Generalised System of Preferences (GSP) for Thailand, which will greatly benefit exports of automotive parts, microwave ovens, furniture and lenses.
After the extension, the GSP for such products will end in mid-2013, according to the Export Promotion Department of the Commerce Ministry.
The GSP exempts some developing countries’ products from normal tariffs and import duties. Thai exports to the United States benefiting from the scheme were
valued at US$3.6 billion (Bt110 billion) in 2010, accounting for 15.9 per cent of total exports from the Kingdom.
Automotive parts, microwave ovens, furniture and lenses accounted for most of the products exported under the GSP.
“The extension will benefit US manufacturers because of the low cost of duty-free raw materials,” said Nantawan Sakuntanak, director-general of the department.
“Meanwhile, once the floods retreat, the department will rush aid measures to Thai exporters so that they can resume production as soon as possible. We also plan a roadshow to restore buyers’ confidence.”
