Ministry makes last-ditch effort to boost shipments

Commerce Minister Jurin Laksanawisit vows to step up promotion of Thai brands and services in 10 target export markets in a last-ditch effort to boost exports the final two months of the year.

The first focus will be on restaurants, spas, construction, retail, logistics, entertainment and hotels, said Mr Jurin, who chaired a meeting of the Joint Public and Private Sector Consultative Committee on Commerce yesterday.

Mr Jurin said the meeting agreed to boost export growth in the remaining months by promoting Thai brands overseas, both through online and offline platforms, including China’s Tmall and Alibaba as well as e-commerce platforms in the US, Japan and South Korea.

The ministry also pledged to support and promote small and medium-sized enterprises and startups increase their exports. It also wants to order directors of Thai Trade Centres worldwide to focus on export markets in each state and province, studying their trade regulations for Thai shippers.

The ministry will focus on 10 potential markets comprising China, India, Turkey, Germany, Sri Lanka, Bangladesh, the Middle East, South Africa, Britain, and Europe.

Despite the ministry’s pledges to boost exports, Sanan Angubolkul, vice-chairman of the Thai Chamber of

Commerce, said the private sector forecasts shipments to shrink 1.5% this year.

He cited the ongoing baht strength as the key factor affecting exports.

The private sector again called on the Bank of Thailand to rein in the currency.

“The strong baht has affected the overall economy, and exporters can’t compete with other countries that have weaker currencies,” he said.

Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, said exports in the third quarter may bottom out, with performance likely in the final quarter boosted particularly by automobiles and parts, and electrical circuits and higher shipments to the US, China and Japan.

However, she said the rise is unlikely to be high because of the ongoing trade war, strong baht and the Brexit impasse.

For the remaining two months of the year, she said the Commerce Ministry will work closely up with the private sector to drive exports to average at $22 billion per month.

If those figures can be achieved, it is possible exports will contract only 1% or see zero growth this year, said Ms Pimchanok.

The office is confident the country’s exports are unlikely to shrink as much as 3% this year.

For the first nine months, exports fell 2.11% year-on-year to $187 billion, with imports down 3.68% at $179 billion, for a surplus of $7.38 billion.