Commerce Minister Phumtham Wechayachai is scheduled to hold discussions with the private sector this week in a bid to boost exports and reinvigorate the country's performance in the last quarter.
According to Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department, the meeting is slated for Sept 27 to assess the export situation and find measures to stimulate Thai trade in the final quarter.
The goal is to implement measures to bring Thailand's exports back into positive territory, he said.
Private sector representatives include the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers' Council, and commercial counsellors from around the world.
According to the Commerce Ministry's latest figures, Thai exports dropped for a 10th consecutive month in July, dipping below the forecast because of a steep reduction in global commodity prices attributed to the conflict in Ukraine last year, which led to a substantial deceleration in export values associated with these commodities.
The situation was exacerbated by stricter monetary policies and heightened stringency in financial institutions' lending practices, resulting in reduced consumer spending, according to the ministry.
China is also dealing with a sluggish economy characterised by lower domestic consumption, stemming from a decline in business confidence, Mr Phusit said.
The customs-cleared value of exports decreased by 6.2% year-on-year in July to US$22.1 billion, while imports contracted by 11.1% to $24.1 billion, resulting in a trade deficit of $1.97 billion.
For the first seven months of this year, exports dropped by 5.5% to $163 billion, while imports decreased by 4.7% to $172 billion, resulting in a trade deficit of $8.28 billion.
The ministry is scheduled to release export figures for August tomorrow.
He said the International Trade Promotion Department anticipates exports may turn positive in the final quarter this year, but achieving the ministry's annual target of 1-2% growth will be challenging.
According to Mr Phusit, for the remainder of the year the department will collaborate with the Tourism Authority of Thailand and Thai Airways International Plc to promote Thai restaurants and Thai food products, which are considered soft power assets that can increase the value of Thai food exports.
In December, the department is slated to schedule meetings with commercial counsellors worldwide to assess export targets for 2024, which are expected to improve from this year thanks to government efforts to promote Thai exporters to optimise the benefits of free trade agreements.
On March 6-8, 2024 the department is scheduled to partner with the Thai Chamber of Commerce and Koelnmesse, a German trade fair organiser, to organise THAIFEX-HOREC Asia 2024, Thailand's first exhibition for the hotel, catering, and café industry.
The event is expected to promote the service industry.