Thai exports to ASEAN countries in the first five months of 2010 expanded by 56% with the total trade value at 29.629 billion USD, according to the Department of Foreign Trade (DFT).
As elaborated by DFT Deputy Director-General, Wiboonlaksana Ruamraksa, the export value to ASEAN market stood at 17.489 billion USD while the import value was at 12.140 billion USD. Thailand could enjoy a trade surplus of 5.349 billion USD.
DFT Director-General expected that the trade value would keep augmenting thanks to the high potential of ASEAN market with about 580 million prospective customers in total. She said Thai entrepreneurs could deem it a very good opportunity to find cheap materials and expand their markets.
East Asias fast-expanding role on the world stage has also been underscored by increasing regional economic cooperation, robust domestic consumption and coordinated government stimulus measures.In terms of regional economic integration, ASEAN is a significant market of 580 million consumers, which will benefit from the remarkable economic momentum and progress of China and India. The target for ASEANs economic integration is 2015.
In addition, East Asia of which ASEAN is an integral part has emerged as a new global economic powerhouse in the wake of the 2009 global economic crisis, which resulted in a sharp downturn in consumer demand in the West.In what appears to be a new growth model, East Asia has focused on domestic consumption and intra-regional trade as new solutions.
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We expect robust exports, led by strong global demand for electronics, to continue to underpin solid economic growth over the remainder of this year with GDP forecast to rise close to 8%.
GDP growth was unchanged at 4.5% y/y in Q1. Manufacturing activity surged, while the recovery in service sector activity and construction continued albeit at a more subdued pace as some localised social distancing measures were reinstated.
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Through the upgraded DTAA, the tax rate on branch profits was reduced from 15 to 10 percent, and the tax rate on royalties for copyrighted works of literature, arts, and film, and eight percent for the use of industrial, scientific, or commercial equipment was lowered from 15 to 10 percent.
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