New export ideas eyed as prices of oil, crops decline
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The Commerce Ministry has expressed concern over the falling prices of oil and crops as they could reduce spending power in some import markets, mainly in the Middle East, Latin America and Russia.
Nuntawan Sakuntanaga, director-general of the International Trade Promotion Department, said the government would need to map out new plans to stimulate export growth next year in the face of many negative factors.
The ministry targets export growth of 4 per cent next year. But with falling oil prices, the target could be missed because of slowing economic growth in some countries, she said.
On the other hand, lower fuel prices could increase purchasing power in some markets as they lower the cost of living.
The average global oil price next year is expected to be US$80-$90 per barrel.
To map out new strategies for promoting exports next year, the department is scheduled to meet with private enterprises to brainstorm on new plans in January.
With the coming Asean integration, Nuntawan said the department would focus on exports to Southeast Asian markets and China, which will enjoy strong economic growth and rising consumer demand.
Moreover, the department will promote value-added products, and concentrate on the quality image of Thai products in the world market. It will raise confidence in Thai products and services through many projects such as the Thailand Trust Mark and e-commerce promotion, as well as continuing to tackle labour problems.
