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.
Ilustrative image (Photo: AFP/VNA)They agreed on cooperation to tap three high-potential markets, namely the Middle East, South Asia, and CLMV (Cambodia, Laos, Myanmar and Vietnam), Commerce Minister Jurin Laksanawisit said after a recent meeting of representatives from the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers' Council, the Thai Bankers' Association, and the Federation of Thai SMEs.
Thailand's exports to the three markets are expected to reach 1.7 trillion THB (49 billion USD) this year and 2 trillion THB in 2023.
The minister said in the Middle East, Thailand is targeting Saudi Arabia, the United Arab Emirates (UAE) and Qatar, with a view to exporting food, auto parts, air conditioners and construction materials. It looks to raise shipments to these three countries in 2023 by 15.7% to 10.3 billion USD, up from an estimated 8.9 billion USD this year.
For South Asia, the targets are India, Bangladesh and Nepal. The goal is to increase revenue by 10% next year to 13.2 billion USD from an estimated 12 billion USD in 2022. Key exports include chemicals, plastic pellets, automobiles and auto parts.
Meanwhile, Thailand aims for export growth of 10-15% in the CLMV market next year, from 28 billion USD to 33.5 billion USD, with key export products including construction materials, electrical appliances, and plastics, according to the official.
Its Commerce Ministry also vows to stimulate border trade in 2023, particularly for food, fruit and vegetables.
For the first 10 months of 2022, Thai exports expanded 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./.
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