Thailand’s exports under GSP in 2024 worth 3.565bn USD

Thailand exported goods worth 3.565 billion US dollars under the Generalized System of Preferences (GSP) last year, the Foreign Trade Department announced on Tuesday.

Arada Fuangtong, Director-General of the department, stated that the United States remained the country to which Thailand exported goods of the highest value under GSP agreements last year, compared to other eligible nations.

Although the US GSP scheme for Thailand expired in 2020, the US government is still considering whether to renew it. However, Thai exporters have continued to cite the previous GSP rights when exporting to the US, hoping to reclaim tax refunds once the GSP is reinstated, Arada explained.

As a result, she noted that the value of Thai exports to the US under the GSP scheme increased by 4.49% last year compared to the previous year.

Apart from the US, Thailand was also granted GSP rights to export to Switzerland, Norway, and the Commonwealth of Independent States (CIS), which comprises Ukraine, Azerbaijan, Tajikistan, Moldova, Uzbekistan, Georgia, and Turkmenistan.

The Generalized System of Preferences (GSP) is a trade programme that grants developing countries duty-free treatment on certain imports.

Last year, Thailand utilised GSP rights to export goods worth 305.01 million US dollars to Switzerland, followed by Norway (13.92 million US dollars) and the CIS (3.84 million US dollars).