Cross-border trade needed to boost exports: TNSC

Southeast Asian markets have high growth potential and business opportunities, and can be re-exported to third countries such as Singapore and South China. They also require capital goods and raw materials to serve their expanding economies. 

Thailand’s total exports to global markets in July stood at US$19.06 billion (Bt612.73 billion) in value, down 1.48 per cent year on year, reflecting a decline for three straight months. If exports during the remaining months record between $19.8 billion and $20 billion a month, export value this year would expand only by between 0.93 per cent to 1.37 per cent.

Export values of cross-border trade last year stood at Bt607.329 billion, representing 8.56 per cent of total exports. 

The Commerce Ministry has revealed that it will hold a workshop next week with exporters of 20 top products to seek measures to help them cope with sluggish global trading. The workshop will discuss with each sector how to promote their exports after so many countries have experienced economic slowdown, resulting in lower demand for imported goods.

According to its agenda, the workshop will discuss how to promote investment in Asean so that manufacturers can reduce the cost of importing raw materials and benefit from free trade within the region.

The ministry will focus on exports of farm goods in particular, as about one-third of Thais live off the agricultural sector. Top-priority products include rice, rubber and sugar.

Exports in the first seven months grew by only 0.6 per cent year on year to $132 billion, while the ministry has set a full-year growth target of 7-7.5 per cent to between $245 billion and $246 billion.