Trade
Thailand and Lao cross border trade booms
Cross-border trade between Thailand and the Lao PDR at Nong Khai’s Friendship Bridge border customs house in this northeastern province in the first quarter of the current fiscal year grew by nearly Bt13.9 billion about US$463 million, according a senior customs officer.
Cross-border trade between Thailand and the Lao PDR at Nong Khai’s Friendship Bridge border customs house in this northeastern province in the first quarter of the current fiscal year grew by nearly Bt13.9 billion about US$463 million, according a senior customs officer.
Padermdej Mangkang, Nong Khai’s acting customs chief, said Friday that the value of trade along the Mekong River in Nong Khai reached some 13.87 billion some $462.5 million. The trade value included Thailand’s exports to its landlocked neighbour worth Bt13.3 about $443.1 million and imports to the kingdom valued at Bt579.86 million more than $19.3 million.
As a result, Thailand enjoyed a trade surplus of Bt12.7 billion over $423.8 million, Mr Padermdej explained. The top exported goods from Thailand to Lao PDR with the highest export values were oil at some Bt2.97 billion over $99.16 million, followed by automobiles at Bt950 million more than $31.66 million.
Rising export values with high demand for quality Thai products were attributed to the ongoing development in the Lao PDR, particularly improvement of the country’s infrastructure as well as building dams and operating mines, the acting Nong Khai customs head added.
The first Thai-Lao Friendship Bridge, linking Thailand’s Nong Khai province with the Lao capital of Vientiane, on the Mekong River was opened to the public in 1994 as the gateway to Thailand and the landlocked country as well as Indochina.Since its opening, the Friendship bridge brought about benefits to the two neigbouring countries in terms of their economies, trade, tourism, investment, cultural exchanges, transportation and logistics. MCOT online news
BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.
Singapore
UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement
Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.
There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.
BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.
Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.
According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.
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