BANGKOK, 13 April 2019 (NNT) – As a reduction in the global economic growth projection by the International Monetary Fund to 3.3% from 3.5%, and a new lower value of global trade expectations of 3.4% down from 4%, will eventually affect the Thai export sector; the Ministry of Commerce will be holding talks with the private sector and industries after the Songkran holidays to make necessary adjustments to the May export projection, and to evaluate the situation with Thai commercial attaches nationwide.
The Department of Foreign Trade’s (DFT) Director General Banjongjitt Angsusingh revealed the department will hold talks later this month to assess the export situation with the private sector and each industry, before holding a meeting with head of trade promotion offices globally in May, to adjust the export strategy according to the situation and revise this year’s export goal.
The department will be working harder to promote well-performing products such as food, farm items, processed farm items, and items requiring domestic raw materials; while items affected by the trade war between China and the U.S. such as vehicle parts and electronics will be difficult to promote due to a declining global economy, but the department will adjust the strategy to target markets affected by sanctions, opening new opportunities for Thai products.
The DFT chief said she believes exporters can adjust themselves appropriately, however risk factors from currency fluctuations still persist, thus companies should be covered by risk insurance, or opt to use the currency of their trading partner instead of U.S. dollars.
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