Exim Bank vows strong support for border trade

The bank says it is ready to support Thai business expansion along the border areas.
Total export value by the end of 2014 was US$227.57 billion (Bt7.68 trillion), and the top four markets last year were China, the United States, Japan and the European Union, which accounted for 11, 10.5, 9.6 and 9.5 per cent, respectively.
“Buoyed by both internal and external factors including the government’s policy to promote cross-border trade and the establishment of special economic development zones, along with the official establishment of the Asean Economic Community and impressive economic growth of neighbouring countries, cross-border trade continues to expand consistently,” said Suthanai Prasertsan, acting president of Exim Thailand.
The economies of Cambodia, Laos, Myanmar and Vietnam (CLMV) are expected to expand by 7.2, 7.3, 8.3 and 6 per cent, respectively, this year and their average gross domestic product is expected to continue to grow by 7-8 per cent annually over the next five years.
Suthanai said Thai exports to CLMV countries that have good prospects are automobiles, jewellery and accessories, cosmetics and high-end products, as reflected by the value of exports to these countries, which has doubled over the last 10 years.
Major Thai exports to Myanmar are refined oil and beverages, while those to Laos include refined oil along with automobiles and parts. Non-alcoholic beverages and vehicles, parts and engines are doing well in Cambodia.
Furthermore, Thai entrepreneurs are encouraged to run service businesses such as restaurants and department stores to satisfy growing demands of the middle class in these neighbouring countries.
Exim Thailand has launched five products to support Thai business expansion along the border areas this year. The bank’s services include short- and long-term loans, export credit insurance.