BANGKOK: Thailand Commerce Ministry has maintained its forecast that exports will grow by 4 percent to $236.67 billion this year.
Exports to North America are projected to grow by 2.9 per cent (to the US by 3 per cent and to Canada by 1 per cent), to Japan by 2 per cent, Australia and New Zealand by 5 per cent, South Korea by 5 per cent, Russia and the Commonwealth of Independent States by 5 per cent, and India by 10 per cent.
The key export markets of Asean and China are expected to grow by only 1 per cent each, however, while shipments to the Middle East grow by 4 per cent, and to Latin America and Africa by 2 per cent each.
KaewtaBooncharoen, director of the Thai Trade Centre in Buenos Aires, said Thai exports to Latin America were projected to grow by only 2 per cent at the most this year because of economic slowdowns in Argentina and Brazil. Trade with Chile, Peru and Mexico will continue to grow, however, as Thailand has free-trade agreements with the first two.
However, she said one of the major challenges hindering Thai export growth was a reluctance to explore new markets, particularly those as distant as Latin America.
“The longer Thai exporters take to penetrate new markets, the more Thailand will lose market share to rivals such as Vietnam and China, since their exporters are strongly penetrating those markets.” Kaewta added that there were Vietnamese and Chinese communities in Buenos Aires helping create a market for many Chinese and Vietnamese products.
She encouraged Thai exporters to use technology and the cyber-world to connect with faraway customers.
JirawuthSuwanna-arj, minister counsellor in the Thai Embassy’s Office of Commercial Affairs in Nigeria, said Africa was a potential market for Thai products, despite lower oil prices and political conflict in some countries affecting their economic growth.
To promote exports to this region, the Commerce Ministry will organise many activities and a seminar on “Eyes on Africa: Building Business Networks”.
Jirawuth said Africa had high demand for foods and industrial goods, construction materials for infrastructure development, and agricultural equipment, while the region could also be a great supplier of jewellery, fish, forestry products, and oil.
Commerce Minister General Chatchai Sarikulya has decided to keep this year’s export target at 4 per cent as an ambitious goal so that officials and exporters will struggle to promote export as most as possible.
The ministry has been closely monitoring the export trends this quarter, before deciding whether to revise the export target.
