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Thailand aims to tap new export markets


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Thailand aims to tap new export markets

By   PHUWIT LIMVIPHUWAT 
THE NATION 

 

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THE COMMERCE Ministry intends to turn a crisis into opportunity by tapping new markets that have emerged as a result of the escalating US-China trade war.
 

The ministry aims to push exports to the United States through food diplomacy while also aiming to boost its food and agricultural exports to Cambodia, Laos, Myanmar and Vietnam (CLMV). The export growth target for 2018 has been set at 8 per cent. 

 

“It is undeniable that the US-China trade war has both direct and indirect negative impacts on Thai exports. This has led to a contraction of exports in September by 5.2 per cent year on year to US$20.699 billion. However, there are also indirect benefits to Thailand from the ongoing trade war, which Thailand needs to capitalise on,” the director-general of the Commerce Ministry’s Trade Policy and Strategy Office, Pimchanok Vonkorpon, told a press conference on Monday. 

 

“Many Chinese goods are losing market share in the US because of the imposed tariffs. This has opened up gaps in the market which Thai products can fill,” she said.

 

“Moreover, to mitigate our risks, Thailand needs to diversify its export markets and start looking beyond China. We need to shift our approach in how we analyse foreign markets and start targeting more niche groups of customers instead of looking at foreign markets in a macro scope,” she said.

 

“One way Thai businesses can break into the US market is through food diplomacy,” added Banjongjitt Angsusingh, director-general at the ministry’s Department of International Trade Promotion. 

 

Food diplomacy refers to the use of Thailand’s cultural and culinary influence in foreign markets to boost Thai exports, she explained.

 

For example, there are many Thai restaurants across the US. In supporting these businesses, Thailand can boost its exports of key seasoning ingredients used in Thai food, creating a new way for Thailand to penetrate the US market, Banjongjitt said.

 

Thailand’s food exports remain strong despite falling from $2.07 billion in August to $1.7 billion in September. From January to September, food exports amounted to $15.99 billion, according to the ministry, a 9.1-per-cent growth year on year.

 

“Another key region where Thai exports still have potential to grow are CLMV countries,” said Banjongitt. 

 

In the first nine months of the year, Thai exports to CLMV were valued at $21.63 billion, growing 19.4 per cent compared to the same period last year.

 

“Food and agricultural goods have a strong potential to grow in global markets despite the US-China trade war, especially in CLMV markets,” said Banjongjitt.

 

“Thai goods perform well in the CLMV region because these countries have high trust in the quality of Thai goods, even more so than Chinese goods,” she added.

 

“Moreover, the CLMV economies are growing at a very fast rate, leading to an emerging middle class that demand higher-quality products.

 

This presents a very promising opportunity for Thai agricultural goods as Thailand exports high quality fragrant rice as well as other dry fruits,” she explained.

 

Thai rice exports remain strong despite falling from $485 million in August to $468 million in September. Rice exports in the first nine months amounted to $4.1 billion.

 

“To expand exports of these goods, Thailand needs to start targeting niche markets. The demand for organic, healthy and environmentally friendly goods is growing in the CLMV region and globally,” Banjongjitt said.

 

“Hence, Thailand needs to capitalise on this rise in demand. To reduce costs, we also need to develop stronger agricultural logistics, encourage Thai firms to move production bases to CLMV countries and promote the use of e-commerce. This will make Thai goods more competitive in these foreign markets,” she said.

 

Source: http://www.nationmultimedia.com/detail/Economy/30357018

 
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-- © Copyright The Nation 2018-10-24
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Twenty-five years ago before PC, and and easily offended snowflakes hadn't yet even been dreamt of.

When people asked me what Thailand was famous for exporting, I used to say it was rice and wives, in that order. Never failed to get a smile either, even amongst those of us in the UK with Thai wives.

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4 hours ago, webfact said:

To reduce costs, we also need to develop stronger agricultural logistics, encourage Thai firms to move production bases to CLMV countries and promote the use of e-commerce.

So, proposals to grow Thailands exports will lead to regular low paid Thais losing their jobs ?

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4 hours ago, webfact said:

We need to shift our approach in how we analyse foreign markets and start targeting more niche groups of customers instead of looking at foreign markets in a macro scope,” she said.

A macro shop . . . there's one of those near us and there's always lots of stuff going out the door.

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"Thai goods perform well in the CLMV region because these countries have high trust in the quality of Thai goods"

Or perhaps the goods are at a price point to be affordable to the locals.

 

I wish the Thais well with their endeavors, however I believe their only real interest is Chinese tourists.

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Thailand used to have  great rice but those days are gone unless you spend 38-45b /kg for hi-grade hom.

Got a 20kg sack of midrange rice from Ubon via my kids mother recently.  Have  to cook and eat it straight away. Re-heat next day it turns to glue.

You wonder how much pledge rice left over from Yinglucks time is still trickling into the supply chain.

You can't trust Thais . I wouldn't want one of their village wives either.

 

Thailands best exports are genuine silk products -founded by a farang-  and beer snacks.

Virtually all of Thailands reborn silk industry  was started by well paid  sneaky ex employee's of Jim Thompson.

They copied all his colours and designs, he was devestated they betrayed him  then he vanished in Ipoh  -  not even a puff of dust. Case closed.

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8 hours ago, webfact said:

“One way Thai businesses can break into the US market is through food diplomacy,”

 

8 hours ago, webfact said:

“Many Chinese goods are losing market share in the US because of the imposed tariffs. This has opened up gaps in the market which Thai products can fill,”

I wonder if China will appreciate Thailand's food diplomacy to substitute loss of China US market share (ie., through new high tariff taxed China exports to the US) with Thailand exports.

Might China threaten economic retaliation against Thailand using the same tactic as Trump is using against Latino nations considering increased trade with China - threaten economic sanctions?

All China just needs to do is order a 10% reduction in Chinese tourists that will be allowed to visit Thailand.

Suggest Thailand government consult with China first. To be diplomatically "considerate."

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What is the reason for the trade war between China and the USA? High tariffs imposed on American products by China. I guess Thailand doesn't impose tariffs on American products then??? Export market and opportunity seriously. Thailand will be one of the countries next in line when the China issue does get sorted out. Thailand is in better shape for sure but the deficit is still $US19 Billion. 

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4 hours ago, Snow Leopard said:

What is the reason for the trade war between China and the USA? High tariffs imposed on American products by China. I guess Thailand doesn't impose tariffs on American products then??? Export market and opportunity seriously. Thailand will be one of the countries next in line when the China issue does get sorted out. Thailand is in better shape for sure but the deficit is still $US19 Billion. 

I look forward with great anticipation to the day when President Trump gets around to pummelling Thai products with massive punitive tariffs.

 

They're already on his radar due to Harley Davidson. The day will come, he will do it and not look at it again for what could be years.

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I do hope that Thailand might consider exporting [permanently] the historic military/elite power base scallywags, charalatans, and corrupted graft merchants that have promoted a negative weight.

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32 minutes ago, ukrules said:

I look forward with great anticipation to the day when President Trump gets around to pummelling Thai products with massive punitive tariffs.

 

They're already on his radar due to Harley Davidson. The day will come, he will do it and not look at it again for what could be years.

Exactly

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9 minutes ago, zzaa09 said:

I do hope that Thailand might consider exporting [permanently] the historic military/elite power base scallywags, charalatans, and corrupted graft merchants that have promoted a negative weight.

A few Falangs as well

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28 minutes ago, Notagain said:

i think getting past The US FDA will be the big hurdle to jump over.

No loss, anyway...

Nothing terribly special about that market. 

 

 

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