DITP launches new AI tool to evaluate Thailand’s trade prospects
The Department of International Trade Promotion (DITP) has launched a new tool to evaluate opportunities and risks in international trade.
Phusit Rattanakul Seriroengrit, DITP’s director general, said on Friday that the DITP Business AI tool can analyse products in five categories, including agriculture, food, lifestyle and fashion, health and beauty, and industrial sectors.
He said the system features a global trade analytics option which predicts export trends in the short term (three months) and long term (12 months).
The system can also analyse news reports related to international trade to evaluate the business sentiment, while its market insight option can analyse buyers’ demands via e-commerce platforms.
“DITP Business AI can also evaluate situations that may have an impact on international trade and offers guidelines on evaluating trade partners’ potential,” he explained.
“The system can also analyse competitors to evaluate risks that may trigger Thailand’s loss of market share.”
He said DITP Business AI can help the department monitor consumer trends, such as products related to the bio-circular-green (BCG) economy model, future foods, ageing society and soft power.
“This information can help boost Thailand’s competitiveness and give local businesses access to the international market,” he said.
He added that DITP is cooperating with the Digital Economy Promotion Agency on applying digital innovations to international trade to maximise Thailand’s potential.
“We are confident the DITP Business AI will help Thai manufacturers and exporters set up production plans in line with global trends and cope with export risks,” he added.