Thailand to boost exports to CLMV countries in 2023
Thailand has set up war rooms staffed by senior officials of the Ministry of Commerce and representatives from private organisations to spur exports, tackle obstacles to trade, and curb the negative impact of a global economic slowdown in 2023.
Bangkok (VNA) – Thailand has set up war roomsstaffed by senior officials of the Ministry ofCommerce and representatives from private organisations to spur exports, tackleobstacles to trade, and curb the negative impact of a global economic slowdownin 2023.
They agreed on cooperation to tap threehigh-potential markets, namely the Middle East, South Asia, and CLMV (Cambodia,Laos, Myanmar and Vietnam), Commerce Minister JurinLaksanawisit said after a recent meeting of representativesfrom the Thai Chamber of Commerce, the Federation of Thai Industries, the ThaiNational Shippers' Council, the Thai Bankers' Association, and the Federationof Thai SMEs.
Thailand's exports to the three markets are expectedto reach 1.7 trillion THB (49 billion USD) this year and 2 trillion THB in 2023.
The minister said in the Middle East, Thailand istargeting Saudi Arabia, the United Arab Emirates (UAE) and Qatar, with a viewto exporting food, auto parts, air conditioners and construction materials. It looksto raise shipments to these three countries in 2023 by 15.7% to 10.3 billionUSD, up from an estimated 8.9 billion USD this year.
For South Asia, the targets are India, Bangladeshand Nepal. The goal is to increase revenue by 10% next year to 13.2 billion USDfrom an estimated 12 billion USD in 2022. Key exports include chemicals,plastic pellets, automobiles and auto parts.
Meanwhile, Thailand aims for exportgrowth of 10-15% in the CLMV market next year, from 28 billion USD to 33.5billion USD, with key export products including construction materials,electrical appliances, and plastics, according to the official.
Its Commerce Ministry also vows to stimulateborder trade in 2023, particularly for food, fruit and vegetables.
For the first 10 months of 2022, Thai exportsexpanded by 9.1% to 243 billion USD, and imports 18.3% to 259 billion USD,resulting in a trade deficit of 15.5 billion USD./.
The Thai Ministry of Finance has indicated that the Thai economy may not reach a forecast growth of 3.8% next year due to a global economic slowdown, but said this year’s outlook should still be achieved.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
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The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
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Ilustrative image (Photo: AFP/VNA) 
