US trade move seen having limited effect on Thai exports

[webfact]

US trade move seen having limited effect on Thai exports

By The Nation

 

Pimchanok Vonkorpon, director-general of the Commerce Ministry’s Trade Policy and Strategy Office

 

Pimchanok Vonkorpon, director-general of the Commerce Ministry’s Trade Policy and Strategy Office, believes the United States’ decision to reduce tariffs on various products beginning last Friday (October 25) will have a minimal effect on Thai imports.

 

She put the figure at 0.01 per cent following Washington’s decision to suspend its Generalised System of Preferences (GSP) on some imported goods.

 

Thailand exports just 355 of the 573 products on the list with a combined value of $1.28 billion, she noted. These include processed seafood, pasta, beans, fruit jams, juices, soy sauces, chemical products, household tools, electric motors, steel, musical instruments and fishing gear.

 

Suspension of the GSP will raise Thailand’s export budgets to $50.33 million in accord with its Most Favoured Nation status, Pimchanok said. She calculated that the higher tariffs would result in $28.8 million-$32.8 million in lost value, representing 0.01 per cent of total export value.

 

The focus of Thai exports to the US will shift to markets with the potential to expand, such as clothing, spare auto parts, furniture, utensils and household tools. But Pimchanok warned that the US move will increase competition for Thailand, so it’s crucial that exporters ensure high quality and secure bonds with trading allies to preserve their market share.

 

Source: https://www.nationthailand.com/business/30377793

 

-- © Copyright The Nation Thailand 2019-10-28

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[55Jay]

10 minutes ago, webfact said:

Thailand exports just 355 of the 573 products on the list with a combined value of $1.28 billion, she noted.

355 of 573.  Yeah, that's not so bad. Put a happy smile on!

 

9 minutes ago, webfact said:

But Pimchanok warned that the US move will increase competition for Thailand, so it’s crucial that exporters ensure high quality and secure bonds with trading allies to preserve their market share.

Alrighty then!  No ploblum!

 

[Soikhaonoiken]

I knew that was coming... Don't lose face Thailand. 

[Creasy]

Thailand is invincible .

After a nuclear holocaust. Only Thailand and the cockroaches will survive.

 

[davehowden]

"believes the United States’ decision to reduce tariffs on various products beginning last Friday (October 25) will have a minimal effect on Thai imports."

 

I thought the US was increasing tariffs by removing various Thai items from the Preference Trading Agreement ?

[pegman]

C.P. Group is the big shrimp exporter. They saw this coming and have moved on to high speed train operations. 

[Fex Bluse]

So, they are puffing out their chest.

No different from the Chinese in this regard.

They simply must pretend to be strong no matter their real position.

I hope they fight back, so they can learn what real pain is.

[saengd]

That article makes zero sense, it talks about the US reducing tariffs on Thai goods which will increase the Thai export budget. It then goes on to talk about combined value of 1.28 bill but the loss is only 0.01%....it's undecipherable!

 

In separate news....my partner first told me this news when she was watching the late night news, in true gibberish fashion also that news said Thai vegetable exports were being tariffed because the quality was so poor! 

 

Does anyone know what the real version of events is?

[Blue bruce]

Its all B.S.

[Orton Rd]

Hub of denial

[BuckBee]

indeed complete nonsense figures and details ....

[holy cow cm]

I think she is perfect for the director general position. Now with that I would love to hear what she thinks about the EU blocking them.

[FinChin67]

Here is some clarity for this matter:
 

Thai exports will suffer from GSP cut decision by US President Trump
 

Link to Article

Thai export sector suffers another blow after the US President Donald Trump on Friday announced to suspend USD1.3 billion worth of duty-free trade for certain items from Thailand, reasoning that Thailand has not taken steps to protect the labor rights.

In a letter written to US House of Representatives Speaker Nancy Pelosi and the president of the Senate, Vice President Mike Pence, Mr. Trump said he had suspended duty-free treatment of certain Thai products because the country had not taken steps to “afford workers in Thailand internationally recognized worker rights.”

The US Trade Representative’s office said the move amounted to a suspension of USD1.3 billion in trade preferences for Thailand under the Generalized System of Preferences (GSP) programme. At present, the GSP program covers around USD4.5 billion of Thai exports.

 

https://ustr.gov/countries-regions/southeast-asia-pacific/thailand

[Naamblar2014]

No problem.

Tourists increasing

exports up

[saengd]

15 minutes ago, FinChin67 said:

Here is some clarity for this matter:
 

Thai exports will suffer from GSP cut decision by US President Trump
 

Link to Article

Thai export sector suffers another blow after the US President Donald Trump on Friday announced to suspend USD1.3 billion worth of duty-free trade for certain items from Thailand, reasoning that Thailand has not taken steps to protect the labor rights.

In a letter written to US House of Representatives Speaker Nancy Pelosi and the president of the Senate, Vice President Mike Pence, Mr. Trump said he had suspended duty-free treatment of certain Thai products because the country had not taken steps to “afford workers in Thailand internationally recognized worker rights.”

The US Trade Representative’s office said the move amounted to a suspension of USD1.3 billion in trade preferences for Thailand under the Generalized System of Preferences (GSP) programme. At present, the GSP program covers around USD4.5 billion of Thai exports.

 

https://ustr.gov/countries-regions/southeast-asia-pacific/thailand

So the US AFL-CIO is at the heart of this, they file a petition (accepted) stating that Thailand does not afford its workers internationally recognised rights of collecting bargaining. It's beyond outrageous that is any concern of a trade agreement between two countries.

[findlay13]

5 hours ago, Soikhaonoiken said:

I knew that was coming... Don't lose face Thailand. 

Nothing will affect Thailand's face..No tourists no trade,world's worst traffic accidents , all fixed with an official statement!

[soalbundy]

4 minutes ago, saengd said:

So the US AFL-CIO is at the heart of this, they file a petition (accepted) stating that Thailand does not afford its workers internationally recognised rights of collecting bargaining. It's beyond outrageous that is any concern of a trade agreement between two countries.

Not really, if you aren't giving your workers certain rights and protections (which cost money) you are gaining an unfair advantage over your competitors and this must impinge on trade agreements.

[saengd]

25 minutes ago, soalbundy said:

Not really, if you aren't giving your workers certain rights and protections (which cost money) you are gaining an unfair advantage over your competitors and this must impinge on trade agreements.

All the rules governing employment of labour are at the discretion of individual countries, there's no place in that comparison for one country to demand a trading partner must pay workers certain rates of pay, give them certain rights, allow them paid holidays and health insurance or anything else. Goodness me, if that's what the US demands they should simply invade or annex them and implement their own version of the labour laws.

 

We've got some oranges for sale, they're ten baht each, if you want to buy them you can, if you don't you don't have to. But don't say you do and then start putting demands on how I treat my workers, what I pay them etc etc etc, what next, we must all sing star spangled banner every morning before work!

[MaxLee]

L.I.E.S. 

 

But hey, FACE will save everything in Thailand

[thaiguzzi]

These are the same people who said a China-USA trade war would have zero effect on Thailand........

 

[phkauf]

1 hour ago, Orton Rd said:

Hub of denial

Thai Official: Denial is a river in Egypt, right?

[Winky Wilson]

No problem.

Same Same.

Many tourist.

Up to you.

[hotchilli]

6 hours ago, webfact said:

US trade move seen having limited effect on Thai exports

Damage limitation speech, it's like being slapped then saying instantly "that didn't hurt' when it stings like hell. A nice smile in the photo but I bet her ass is twitching !

[Srikcir]

6 hours ago, webfact said:

the United States’ decision to reduce tariffs on various products beginning last Friday (October 25) will have a minimal effect on Thai imports.

First

• The US did not reduce tariffs but suspended the lower tariffs and zero tariffs provided by the GSP to Thailand. Thus in effect, the US raised tariffs on specific Thai imported products. While US consumers ultimately pay those those tariff increases, Thailand likely will suffer lower export volume and higher export handling costs as US consumers react to buying less Thai products due to higher consumer prices.

Second

When you tell a bedtime story, keep it straight.

https://www.thaipbsworld.com/thai-exports-will-suffer-from-gsp-cut-decision-by-us-president-trump/

• Thai export sector suffers another blow after the US President Donald Trump on Friday announced to suspend USD1.3 billion worth of duty-free trade for certain items from Thailand, reasoning that Thailand has not taken steps to protect the labor rights.
• The US suspension on GSP does not come as a total surprise. Earlier this year, Thailand has narrowly avoided being labeled as a currency manipulator in the US Department of Treasury’s watchlist because Thailand does not meet all the three limits set by Washington.

Third

This isn't the first time Thailand faces suspension or termination of a GSP rom a significant trade partner.

https://www.scbeic.com/en/detail/product/438

2014:

• The World Bank has ranked Thailand as an upper-middle income country since 2011to 2013, making it ineligible to receive GSP privileges from early 2015 when GSP tax privileges will be discontinued for 723 products. As a result, exporters will have to bear higher costs, and products that will be at a disadvantage from this cuts include frozen shrimp, motorcycles, shoes, apparel, tires, and canned tuna. EIC estimates that the damage to the Thai economy will be at least USD 47 million.

The bottom line is that as export value is contracting (except for gold & jewelry!), the US has furthered pressure on Thai exports. Meanwhile Thailand is engaged in intense free trade negotiations with the EU where human rights (freedom of speech and pseudo-slavery in the fishing industry) have been the EU mainstay issue.

[sawadeeken]

6 hours ago, Soikhaonoiken said:

I knew that was coming... Don't lose face Thailand. 

Hey Ken...... Check your 'Personal Mail' for a message from me..... 'Sawadeeken"

[nahkit]

56 minutes ago, saengd said:

All the rules governing employment of labour are at the discretion of individual countries

As are the Tariffs that a country may choose to impose.

[ToddinChonburi]

What the hell is doesn't start for 6 months. They have a window of time to get there Sh..... together..  

[30la]

Listen, listen, from this plump lady we can learn to reckon or lie!
When do you want to admit that the Thai economy is falling apart?
What a fool I am, the general won't let you, and with your brainwashing job you have a population willing to believe it!

[ujayujay]

Tourism, Exportindustry, Road safety......everything increasingly. The wonderful Thai- World of Imagination.

[30la]

8 hours ago, webfact said:

 

Pimchanok Vonkorpon, director-general of the Commerce Ministry’s

It's probably already on the launch pad in expectation of being relocated!