Thailand targets US$308bn exports by 2025 amid trade optimism

Picture courtesy of CHUTTERSNAP, Unsplash

The Commerce Ministry has ambitious plans to boost Thailand’s export sector, setting a target of 2% to 3% growth for 2025.

The goal, projected to bring in US$305 to US$308 billion, follows a robust performance in 2024, where export growth is expected to reach 5%, generating a record US$300 billion. These figures reflect optimism driven by the electronics, agricultural, and food sectors.

At a recent meeting focused on export promotion, Commerce Minister Pichai Naripthaphan outlined the ministry’s strategies, emphasising the continuous recovery and growth of the Thai economy.

The meeting brought together key stakeholders, including representatives from the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers’ Council (TNSC), and trade envoys from seven global regions, said Pichai.

“We are confident that the Thai economy will maintain its upward trajectory next year.”

Pichai noted that many companies are nearing the completion of their factory constructions, which is expected to boost export activity.

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The ministry is also focusing on international trade agreements, notably the successful negotiation of the free trade agreement (FTA) with the European Free Trade Association. Efforts are ongoing to finalise FTAs with the EU and the UK, which Pichai believes will bolster shipments further.

Addressing potential challenges, the ministry is preparing to negotiate with the US over possible tariff increases. Pichai plans to meet US officials in February to discuss why Thailand should be exempt from such hikes. He highlighted Thailand’s trade surplus with the US, attributing it to the country’s role as a manufacturing hub for exports.

Looking ahead to 2025, the ministry aims to enhance the Thai Select certification for Thai restaurants abroad, aligning it with prestigious concepts like Michelin star ratings. This initiative is part of a broader strategy to shift Thailand’s export focus from raw materials to high-value finished products, under the theme Think Thailand Next Level.

The introduction of the Thailand Brand is another key initiative, designed to instill confidence among buyers. The ministry is collaborating with the Higher Education, Science, Research and Innovation Ministry to support small businesses. These efforts aim to leverage Thailand’s cultural soft power, creating unique selling points for Thai exports.

Pichai expressed hope that the baht would weaken to 36 to 37 per US dollar by 2025, which would be advantageous for exports and economic growth. TNSC Chairman Chaichan Charoensuk suggested an ideal exchange rate of 33 to 35 baht per dollar for exports.

Meanwhile, Thai Chamber of Commerce Vice Chairman Poj Aramwattananont remarked on the impressive 5% export growth this year, which surpassed expectations. The prospects for agricultural and food exports in the coming year appear promising, reported KhaoSod.

In the first 10 months of 2024, Thai exports were valued at US$250 billion, marking a 4.9% increase from the previous year. This positive trend underscores the effective strategies and measures implemented by the ministry to enhance Thailand’s export landscape.

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