The Commerce Ministry has set an export growth target of 2-3% for 2025, while export growth this year is expected to reach 5% thanks to the electronics, agricultural product and food sectors.
At a recent meeting on export promotion and goals for next year, Commerce Minister Pichai Naripthaphan said the ministry set the export growth target at 2-3% for 2025, estimated to be worth US$305-308 billion in receipts.
Estimates suggest export growth will reach 5% in 2024, generating a record high of $300 billion.
The meeting included representatives from the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers' Council (TNSC), and trade envoys from seven regions worldwide.
Mr Pichai expressed optimism for the Thai economy, predicting it would continue to recover and grow next year.
He said many companies investing in Thailand are expected to complete the construction of their factories, leading to an uptick in exports.
Moreover, the successful negotiation of the free trade agreement (FTA) between Thailand and the European Free Trade Association, as well as efforts to finalise FTAs with the EU and the UK, should lift shipments, said Mr Pichai.
Regarding concerns over potential US tariff hikes, the ministry plans to hold negotiations, with Mr Pichai scheduled to meet US officials in February to propose why Thailand should be exempt from higher tariffs.
Thailand's trade surplus with the US is largely a result of the nation's role as a manufacturing base for exports, he said.
Looking to 2025, the ministry plans to rebrand the Thai Select certification scheme for Thai restaurants overseas to align with concepts such as Michelin star restaurant ratings.
The ministry wants to promote exports under the theme "Think Thailand Next Level", shifting the focus from raw materials to high-value finished products, said Mr Pichai.
The ministry also plans to introduce "Thailand Brand", seeking to foster buyer confidence, while collaborating with the Higher Education, Science, Research and Innovation Ministry to support small businesses.
These schemes should leverage Thailand's cultural soft power to create unique selling points, while trade envoys will explore new opportunities and collaborate with provincial commerce offices to support Thai businesses, according to the ministry.
Mr Pichai is hopeful the baht can weaken to 36-37 per US dollar in 2025, which would support exports and economic growth.
Chaichan Charoensuk, chairman of the TNSC, said the ideal exchange rate for exports would be 33-35 baht per dollar.
Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce, said this year's export growth of 5% exceeded expectations and the outlook for agricultural products and food exports next year appears promising.
In the first 10 months of 2024, the value of Thai exports reached $250 billion, a 4.9% increase year-on-year.
