State to push promising products

State to push promising products

30 items show strong prospects for exports

Some 30 product items have promising export prospects and need special effort from the government to increase shipments, says the Commerce Ministry's planning unit.

Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, said agricultural, food and industrial items are among the products, contributing a combined 25% of total export value.

Last year, those products expanded by an average of 13% despite the world's economic slowdown and continued trade war.

According to Ms Pimchanok, farm products include fresh, frozen and dried fruit, frozen chicken, dairy and dairy products, wheat and other finished food products, and food seasonings, while the industrial goods are radios, phones, watches and parts, motorcycles and parts, soap and skincare products, clothes and tableware.

"We foresee a bright outlook for those products in 2020 because last year exports of such products did very well despite the weak economy, not only of the world but also of Thailand's key trading partners. The trade war also had an impact," she said. "This reflects the ability and fast product development by Thai manufacturers to match the changing demand of the global market. Those products deserve a special boost from the government."

Ms Pimchanok said her office remains confident exports will grow this year, with key drivers the world's economic recovery, anticipated improving commodity prices and oil prices, the easing trade war and the baht's weakness.

Regarding the latest deadly virus outbreak, she said an impact is unlikely in the short term.

Exports last year fell by 2.7% from 2018, weighed down by global economic malaise, low oil and farm prices and weak industrial product shipments. Customs-cleared exports for 2019 totalled US$246 billion, with imports dropping 4.7% to $237 billion, generating a trade surplus of $9.6 billion.

Ms Pimchanok said the ministry is working closely with related parties to reduce the impact on exporters from the US suspension of trade preferences for Thailand under the Generalized System of Preferences (GSP). On Oct 25 last year, the USTR announced the suspension of $1.3 billion in trade preferences for Thailand under the GSP, citing a failure to adequately protect workers' rights.

Set to take effect on April 25, 2020, the suspensions cover a total of 573 types of goods that the office said earlier would face a higher import tariff of 4.5%.

Do you like the content of this article?
COMMENT (2)