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Eurozone crisis hits Thai exports

Thailand’s overall major markets such as Japan, the European Union and the US fell 13.3 per cent, the ASEAN market by 12.3 per cent and China by 12.9 per cent.

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Thai exports in August were valued at US$19.7 billion, a 6.9 per cent drop due to escalating eurozone debt crisis, said Deputy Commerce Minister Poom Sarapol.

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Thailand’s overall major markets such as Japan, the European Union and the US fell 13.3 per cent, the ASEAN market by 12.3 per cent and China by 12.9 per cent.

The Commerce Ministry will convene a meeting Monday to review the export plan, aiming to push 2012 export growth to seven per cent.

Meanwhile, Dr Somchai Sajjapongse, Director-General of the Fiscal Policy Office, said that the country’s gross domestic product (GDP) has been lowered from 5.7 to 5.5 per cent after the Thai exports growth forecast was reduced to 4.5 per cent from 12.8 per cent.

via Thai exports in August drop 6.9 per cent.

Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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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.

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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.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

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.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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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.

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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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