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Trade Trends News
12-12-2023
Commerce Minister Phumtham Wechayachai is scheduled to lead a trade delegation to Kunming on Dec 17-18 to boost trade between Thailand and China.
During the visit, Phumtham said a memorandum of understanding on trade in agricultural products, processed agricultural products and processed foodstuffs worth 5.6 billion baht would be signed between Thai and Chinese private companies.
By early next year, plans are being made to showcase and expand the market for Thai products and soft power in the United States, he said.
Mr. Phumtham said Thai products and services with opportunities in the US market include rice, electronics, household appliances and Thai food services.
There are also plans to showcase Thai products in Iran, which is considered a potential new market, he said.
Previously, Iran has shown strong interest in buying Thai rice.
However, Phumtham said Thai business operators still face challenges in making payment transactions through financial institutions due to sanctions imposed on Iran.
He said both Thailand and Iran are seeking a solution to the problem and if successful, there could be significant opportunities to expand trade between the two countries.
"I have provided senior officials at the Ministry of Commerce with guidelines for developing export markets for Thai products globally," Mr. Phumtham said.
"These strategies include maintaining existing markets, exploring new markets and identifying potential markets where Thai products can be sold."
The ministry's initial export target for Thailand in 2024 is set at a growth of 1.99% with an estimated value of US$288 billion or about 10 trillion baht.
The export target is closely related to the 1-2% growth forecast by the private sector.
For next year, the Department of International Trade Promotion is preparing various activities to increase exports, with a total of 417 activities expected to generate 65.7 billion baht in revenue.
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