Thai exports under RCEP jump by over 200 per cent in second month
The value of Thai exports has risen by more than 200 per cent in the second month since the Regional Comprehensive Economic Partnership (RCEP) came into effect, with total exports of Bt1.165 billion in the first two months.
Pitak Udomwichaiwat, director-general at the Department of Foreign Trade, said the value was estimated from applications by exporters seeking to exercise their rights under the RCEP agreement.
From January 1, when the RCEP agreement took effect, until February 28, Thai exporters had sought certificate of the country of origin for RCEP exports valued at a total of Bt1.165 billion.
Pitak said exporters sought the certificate for RCEP exports worth Bt277.84 million in January, but the amount rose to Bt887.67 million in February.
The biggest value of Thai exports for which the certificate was sought under RCEP was to Japan, totalling Bt540.36 million.
Most of the exported goods were canned fish, followed by canned vegetables and textiles.
China was the second highest importer of Thai goods under RCEP at Bt453.95 million and South Korea was third with export value of Bt171.21 million.
Pitak said vegetables and fruit were the biggest category of goods that Thai exporters sought the certificate of origin for under the RCEP agreement, followed by tapioca, longan, durian and coconuts.
He said Thai exporters mostly exported airbags and inflating kits and motorcycles to South Korea.
Pitak noted that Thai exporters already enjoyed tax privileges under other FTA agreements but they were opting to tap the RCEP agreement because it is much easier for them to get the certificate of origin.
Pitak added that Thai exporters can also register with the Department of Foreign Trade to be able to issue their own certificate under the Self-Declaration by Approved Exporters system.