Trade
Thai exports amounted $18bln (Q1) under FTA and GSP benefits
Those included 16.7 billion dollars in benefits from 12 FTA agreements. The highest values of exported goods were of pickup trucks, rubber products, sugar made of sugarcane and oil.
Bangkok, (NNT) – The Ministry of Commerce pushed for exporters to use the existing FTA and GSP benefits in the first quarter of this year, which have amounted to 18 billion dollars and accounted for a 2.38% increase from the same period last year.
Those included 16.7 billion dollars in benefits from 12 FTA agreements. The mostly-used FTA benefits were the Thailand-Chile FTA, followed by the Thailand-Peru FTA, the Thailand-Japan FTA, the ASEAN-China FTA and the ASEAN-South Korea FTA respectively.
The highest values of exported goods were of pickup trucks, rubber products, sugar made of sugarcane and oil. Five GSP systems have been mostly used, including those of the United States, Switzerland, Russia, Norway and Japan, amounting to 1.29 billion dollars in the first quarter. Ninety-two percent of all GSP systems was provided by the U.S.
Foreign Trade Department Director General Adul Chotinisakorn said this year’s exports under FTA and GSP systems have been targeted by more than 80 billion dollars, accounting for a 9% increase from last year.
The forecast increase will partly result from the 13th ASEAN-Hong Kong FTA agreement, which is effective on June 1. National News Bureau Of Thailand
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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