Ministry resolute on exports

Ministry resolute on exports

Despite several agencies painting a bleak outlook for exports this year, the Commerce Ministry is maintaining its belief that shipments could manage more than 1% growth.

Commerce Minister Chatchai Sarikulya said on Friday officials had been instructed to gather information to find out ways to stimulate exports.

The Commerce Ministry is due to meet with representatives of the Federation of Thai Industries, the Thai Chamber of Commerce, the Board of Investment and the Industry Ministry on April 21 to evaluate export performance and risk factors facing shipments and discuss methods of boosting the country's tepid exports.

Gen Chatchai said the agenda would also include how to raise the competitiveness of Thai industrial and farm products.

"Industrial products contribute 70% of the country's exports, with the remaining 30% from agricultural and processed agricultural products, and what we've found is shrinking shipments are mainly in industrial products such as hard disk drives and cars, as importing countries are facing an economic slowdown," he said.

"The focus should thus be on accelerating the development of processed agricultural products, which fare well in almost all markets."

Other topics of discussion will include border trade expansion and special economic zones.

Thailand's border trade with Malaysia, Myanmar, Laos and Cambodia has seen continued growth over the past four years.

The Foreign Trade Department said border trade with the four neighbouring countries rose by 6.85% to 988 billion baht last year, with exports accounting for 590 billion, up by 5.26%.

The Commerce Ministry plans to increase border trade by 51.8% this year to 1.5 trillion baht.

The central bank last month trimmed its export growth projection to 0.8% from 1%, while the Thai National Shippers' Council, which represents the country's exporters, slashed its 2015 export forecast to flat growth from an earlier projection of 1.5% due largely to the slower-than-expected global recovery and falling oil and farm prices.

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