US grants one-year extension of GSP privileges for Thai products
THE UNITED STATES has agreed to extend trade preferences for Thai products for another year.
Three Thai products that had been at risk of losing their preferences – video cameras, lenses for eyeglasses, and air-conditioner parts – will continue to enjoy export privileges to the US this year, as their |values have not yet exceeded competitive need limitations (CNL).
Duangporn Rodphaya, director-general of the Foreign Trade Department, said yesterday that the move would help Thai exporters save at least Bt70 million in import duties.
For video cameras and optical lenses, exports have not yet exceeded the CNL, so the US automatically extended the Generalised System of Preferences for both categories.
The US has set a ceiling for GSP privileges at US$175 million (Bt6.13 billion) a year, but exports of video cameras reached $157.2 million and of lenses $155.07 million last year.
Although air-conditioner parts at $256.43 million exceeded the value limit, they did not exceed the “super competition need limitation” of $262.5 million, so the US decided to grant them tariff privileges. Duangporn said Thai businesses should closely monitor GSP benefits and take advantage of them by penetrating the US market.
The US is Thailand’s second-largest overseas market after Asean.
The value of Thai exports to the US expanded by 1.8 per cent to $24.49 billion last year, which accounted for 11.4 per cent of this country’s total exports.
