Thai exporters urged to tap new and under-utilised markets
Thailand should boost exports to three potential markets along with promoting secondary products to cope with global economic challenges, the Trade Policy and Strategy Office said on Saturday.
The remarks came as the country's export is facing challenges from Covid-19 pandemic, the global economic slowdown and geopolitical conflicts.
Meanwhile, Thailand’s main trading partners were being affected by inflation, economic slowdown, decline in purchasing power and geopolitical conflicts.
The office’s director-general, Poonpong Naiyanapakorn, said there were three markets that Thai exports could target:
Partners where Thailand has not met their import potential: Thailand has high exports to Switzerland, United Kingdom, South Korea, United Arab Emirates, Saudi Arabia, Qatar, Israel, Mexico, Chile and Russia, but it was still low compared to their import potential
To achieve success, Thailand should expand trade collaboration and free trade agreement, improve product quality to meet the market demand, and seek new market channels to boost exports.
Partners with whom Thailand has low to medium trade value: They include Norway, Azerbaijan and Kazakhstan. Thailand should expand trade collaboration and free trade agreement, as well as study their markets to boost export share.
Partners with high demand for Thai products: They include Morocco, Serbia, Colombia, Bahrain, Ukraine, Uruguay, Armenia, Ghana and Bolivia. Thailand should study their markets and consumer behaviour to boost exports.
“Even though the export to these countries is not high, they could offer an opportunity for Thailand to boost exports,” he said.
Poonpong said Thailand should promote export of secondary products which have high demand in the global market despite low export volume.
He said this move could solve high competition in export of main products, which affects the expansion of Thai exports.
In 2023, Thailand’s export of main products was valued 6.27 trillion baht, accounting for 63.9 per cent of total exports, such as cars, computers, gems, jewelleries, rubber products, electric circuits, fruits and air-conditioners, he explained.
He said the export of secondary products were valued at 3.53 trillion baht or 36.1 per cent.
Secondary products that should be promoted include fresh pineapple, frozen durian, frozen longan, fresh and frozen baby corn, fresh and frozen mushrooms, frozen chicken, fresh eggs, cereals, mung beans, pet food, wheat products, prepared foods, cooking oils, dairy products, ice-cream, motorcycles, switch panels, medical supplies, sport equipment and game consoles.
“If Thailand boosts exports to three potential markets along with promoting secondary products, they would help expand the country’s exports despite global economic challenges,” he added.
