All eyes on Russia-Ukraine conflict and potential impact on Thai exports
The Commerce Ministry is closely monitoring the Russia-Ukraine conflict to ensure it has a minimal impact on Thai exporters, an adviser to the commerce minister said on Friday.
Mallika Boonmeetrakul Mahasuk said Commerce Minister Jurin Laksanawisit has instructed his ministry to keep a close eye on the situation and prepare a contingency plan to help exporters to the two countries.
She added that the Department of International Trade Promotion (DITP) is also watching to see how the situation will affect logistics in the two countries and will provide updates via both online and offline channels.
Both Russia and Ukraine are big export markets for Thailand.
The DITP will also compile a list of logistics companies that specialise in Russia and the Commonwealth of Independent States, so exporters can use their services if the situation has an impact on their exports.
Mallika said the DITP office in Moscow is keeping an eye on the situation and will provide regular updates.
Bilateral trade between Thailand and Russia in 2021 was valued at US$2.78 billion, marking a 12.84 per cent increase compared to the previous year. Thailand’s exports to Russia accounted for $1.03 billion, while imports stood at $1.75 billion.
Trade between Thailand and Ukraine, meanwhile, stood at $386.47 million in 2021, marking a growth of 25.56 per cent compared to the previous year. Thailand’s exports to Ukraine were worth $134.76 million and imports $251.71 million.
