Thailand plans to ramp up the value of trade and investment with the US, aiming for 2% growth in exports to the market this year.
Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department, said trade promotion offices in Los Angeles, New York, Chicago and Miami have collaborated to assess the prospects for exports to the US, forecasting a 2% gain in 2024.
"Prime Minister Srettha Thavisin led the roadshow to the US and encouraged investors to expand their investment in Thailand," said Mr Phusit.
"There was significant interest from American businesses, including the US Chamber of Commerce and trade associations in Thailand and the US, presenting an opportunity to expand exports."
However, significant risk factors this year comprise geopolitical conflicts in various regions that may lead to logistical challenges and higher transport costs, he said.
In addition, the US economy remains murky, said Mr Phusit.
He said US businesses will be invited to participate in key trade shows in Thailand, such as THAIFEX-Anuga Asia, Bangkok Gems & Jewelry Fair and business matching events both offline and online between US importers and Thai entrepreneurs.
The goal is to enhance the trade value between US importers and Thai businesses in various categories, with a focus on high-demand products such as food, furniture and home decor, pet food and pet supplies, electronics components, auto parts and medical products.
Mr Phusit said the department is also committed to beefing up promotion of Thai products via online platforms such as Amazon, which is its partner, marketing Thai products and brands in the US, especially in the consumer goods and health product categories.
The office in LA established an online store called "Top Thai Store" on Amazon to help exporters sell their products.
Plans have begun to tap the Hispanic community, which is a large and economically significant ethnic group in the US, he said.
The Commerce Ministry scheduled a visit to the US by senior officials from Jan 17-22, led by Commerce Minister Phumtham Wechayachai.
The purpose of the visit is to promote exports to the US, strengthen ties, create partnership networks and seek new importers in the US.
The mission includes the signing of a memorandum of understanding between Thai and US businesses to promote and expand the export market for Thai rice and food products.
According to Commerce Ministry data, in the first 11 months of 2023, the total trade value between Thailand and the US amounted to US$62.6 billion, up 4.6%, a rise of 4.10% to 2.16 trillion baht.
Exports to the US were valued at $44.9 billion, growing by 3.02% (or 1.54 trillion baht, up 2.61%).
Meanwhile, US imports were valued at $17.7 billion, an increase of 8.82% (or 618 billion baht, up 8.04%).
Primary export products include computers and computer parts, rubber products, phones and parts, semiconductors, transistors, diodes, and electrical transformers and components.
Key imports include crude oil, machinery and parts, chemical products, electronic circuit boards, gliders, aircraft and parts.