Exports of Thai air-con parts to US surge 126% in 1st quarter: Trade Dept
Exports of air-conditioner components to the United States surged 126% in the first quarter of this year, compared to the same period last year, the chief of the Foreign Trade Department said on Wednesday.
Ronnarong Phoolpipat, director-general of the department, said Thailand exported US$146.96 million worth of components for air conditioners to the US in the first three months of this year.
The surge was primarily driven by heat waves in the US, Ronnarong said.
Exports of the components were processed under Thailand’s quota in Washington’s Generalised System of Preferences, or GSP, even though Thailand’s GSP privileges expired in December 2020.
Washington's GSP gives some developing countries duty-free access to the US market.
The US government is in the process of extending the GSP for Thai products, which now face tariffs under Washington’s most-favoured nation status, Ronnarong said.
After the GSP is extended, Washington will refund the duties collected to Thai exporters, he added.
The GSP can be extended retroactively.
The value of air-conditioner parts comprised 19.35% of all goods exported to the US under its GSP privileges for Thailand during the first quarter of this year.
In total, Thai exports to the US under its GSP privileges during the first quarter were worth $759.29 million.
The US gave 2,600 Thai products duty-free access to its market under the GSP. These included ready-to-eat food, lenses for glasses, clothes, rubber gloves, and luggage.
Thailand also receives GSP privileges from Switzerland, Norway, and the Commonwealth of Independent States.
During the first quarter, the total value of exports under all GSP privileges was $819.59 million, Ronnarong said.
