Exporters urged to target Asians, Hispanics in US
THAI EXPORTERS are being encouraged to penetrate the Hispanic and Asian markets in the United States, as the high purchasing power of these two minorities could help promote stronger export growth in the long run.
Nuntawan Sakuntanaga, director-general to the International Trade Promotion Department, said the agency is adopting an aggressive export strategy with clear targets that show potential for growth in line with current global trends.
“Hispanic and Asian people living in the US will be targeted for export promotion since they have strong purchasing power and will soon become major groups,” Nuntawan said.
The department will also promote the use of a “cluster” marketing approach to enter new industries and expand marketing channels creatively.
It will be holding a seminar on August 10 and 11 on new trading strategies to educate and train local companies on penetrating the US market.
Recent studies show that Hispanics will account for a third of the US population by 2020, while ethnic Asians in the US will reach 20 million by then. As these groups have high incomes and prefer cooking at home, Thai exporters of food, seafood and other ingredients will have a greater opportunity to expand.
In a move to provide Thai exporters with a better understanding of these particular markets, the department has decided to invite experts to speak in the seminar. Robert Morales, chief executive officer of Golden Empire Distribution, has been invited to speak on the Hispanic market and Timothy Pao-Lin Sher, vice president of HC Foods, on the Asian market.
