Commerce Ministry urges industries to increase their exports until early 2020

[webfact]

Commerce Ministry urges industries to increase their exports until early 2020

By THE NATION

 

 

Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said on Wednesday (December 4) that his ministry has held discussions with the Thai Chamber of Commerce, the Federation of Thai Industries and representatives from the private sector, asking them to accelerate the export of products that fall under the MoUs with foreign trade partners signed by Thailand earlier this year during business matching trips.

 

“To boost exports in the last quarter of 2019, Ministry of Commerce went on several foreign trips to secure trade deals and negotiate with local authorities in an attempt to match Thai entrepreneurs with foreign counterparts,” he said. “We have signed MoUs for the export of Thai products with accumulated value of Bt70.9 billion, and delivery should start this month and continue through early 2020.”

 

Jurin added that major Thai entrepreneurs participating in these deals include CP Group, who agreed to export additional 10,000 tonnes of its products on top of its regular December export volume of 40,000 tonnes. “Meanwhile, the Thai Chamber of Commerce and Federation of Thai Industries will negotiate with 2 electronics manufacturing giants, namely Western Digital and Seagate Technology to increase their export volume in early 2020 as well,” he said.

 

“As for the automotive sector, Toyota has informed me that they will add 1,000 units to the December export volume while Honda will increase its export of hybrid cars next year,” he said. “PTT also agreed to export more as the government’s measures to promote use of alternative energy have resulted in more oil in reserve.”

 

Meanwhile, Thai Chamber of Commerce vice president Sanan Ang-Ubolkul said that Thai exports in 2019 had suffered greatly from the impacts of trade disputes and the appreciation of the Baht, making it a challenge to boost exports at year end. “This year we estimate that exports will shrink by 2.5 per cent with a total volume of US$246.2 billion,” he said. “2020 may see only 1 per cent growth at a total $250 billion, depending on how well the government handles the Baht appreciation problem, which is the top threat to Thai exports.”

 

Source: https://www.nationthailand.com/news/30379101

 

-- © Copyright The Nation Thailand 2019-12-05

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[Grumpy John]

Only a politican could believe that snapping ones fingers could garner a rapid increase and output of production.   It maybe a bit easier for agriculture if the storage silos are overflowing but manufactured production needs time.  

[Just1Voice]

They can't understand that people are not going to pay premium prices for 2nd rate products. 

 

[Snuller21]

How should the Exporters promise to export more, when the contracts are signed for the amount they have bought? Just asking.

[HeyHeyHey]

Does he has Khaosan PhD?

 

Urge to export more... helloo, there has to be an interested buyer on the other end.

 

Hellooo, the buyers won't buy overpriced second grade quality stuff from ya

[CLS]

Does he really think that someone in the industry listens to brain dead appointees?

[zydeco]

A sincere wish that something is so will make it so.

[J Town]

I've been using the same approach to make more hair grow on the top of my head. All that seems to happen is more hair in my ears and my nostrils. Good luck Mr. Commerce Minister.

[Mavideol]

1 hour ago, webfact said:

To boost exports in the last quarter of 2019,

in case he didn't know the last quarter of 2019 is 3 weeks away and the baht still high, how does he expect foreign companies to buy their (expensive) stuff/goods...nothing but wishful thinking/hoping

[Chang_paarp]

1 hour ago, webfact said:

“To boost exports in the last quarter of 2019, Ministry of Commerce went on several foreign trips to secure trade deals and negotiate with local authorities in an attempt to match Thai entrepreneurs with foreign counterparts,” he said. “We have signed MoUs for the export of Thai products with accumulated value of Bt70.9 billion, and delivery should start this month and continue through early 2020.”

Is this a hint that the exchange rate will change in early 2020?

[mok199]

I want what he is smoking..

[smedly]

2 hours ago, webfact said:

Commerce Ministry urges industries to increase their exports until early 2020

don't worry if you didn't sell your product because of the high baht and gross mismanagement of the economy - just put it on a boat and log it as a sale   

[30la]

Even in Thailand in 2020 there are only a little over 3 weeks left!
Quickly increase export, friends ...

[Creasy]

This is the caliber of moron running the country.

 

Heaven help the common Thai.

[kotsak]

Someone call Mary Poppins.

[overherebc]

1 hour ago, Chang_paarp said:

Is this a hint that the exchange rate will change in early 2020?

That crossed my mind as well.

Is there a cunning plan marching this way ?

[Srikcir]

1 hour ago, smedly said:

don't worry if you didn't sell your product because of the high baht and gross mismanagement of the economy - just put it on a boat and log it as a sale   

It's not a question that the product will be sold as that is the agreement in the MOU.

But specifics of the sale depend on the terms of the MOU that will decide the volume and price of the products. For example:

• If the MOU is value-based, an appreciated baht value subsequent to the MOU will dictate a lower volume order.
• If the MOU is volume-based, the cost increase due to an appreciated baht value subsequent to the MOU will cause the importer to either absorb the increased cost or (more likely) pass on the higher cost to the consumers. Given such an experience, the importer would unlikely renew the MOU if it can't be modified.

Whether the seller can log the sale by just putting it on a boat depends on if the seller sends the product Freight-On-Board Thailand port, ie., no import tariff due at destination. Then yes, it's a sale.

But if the product is shipped FOB foreign port, ie., import tariff due at destination, then not a sale while in transit. The MOU should address such issues.

[PatOngo]

1 hour ago, Creasy said:

This is the caliber of moron running the country.

 

Heaven help the common Thai.

Are they not mostly tarred with the same brush?

[Cake Monster]

4 hours ago, Grumpy John said:

Only a politican could believe that snapping ones fingers could garner a rapid increase and output of production.   It maybe a bit easier for agriculture if the storage silos are overflowing but manufactured production needs time.  

For all these " Entrepreneurs " to ramp up their Exports at the drop of a hat is questionable, to say the least.

It smacks to me as if these Companies already have the products in stock .. on the  shelf, ready to go, due to an overproduction.

An overproduction probably caused through a lack of demand for the products amid the slowdown.

Another sign that things are really  bad in LOS

[RichardColeman]

6 hours ago, webfact said:

asking them to accelerate the export of products

Impossibility.

 

6 hours ago, webfact said:

Ministry of Commerce went on several foreign trips

Holiday

 

6 hours ago, webfact said:

2020 may see only 1 per cent growth

Fantasy

[hotchilli]

7 hours ago, webfact said:

Commerce Ministry urges industries to increase their exports until early 2020

 

[Artisi]

1 hour ago, hotchilli said:

 

Please stop the funnies for a while.... 

 

[Cabradelmar]

I'm going to urge all workings to earn more wages in 2020.... There I fixed the standard on living problem ????

[Fex Bluse]

They should just urge the Baht down 

 

And then urge all the people to increase their IQs

 

Easy 

 

[choff56]

6 hours ago, kotsak said:

Someone call Mary Poppins.

Thais already put a "spoon full of sugar" in everything, and it's not helping the "medicine go down".

[Redline]

No wonder he’s laughing in the picture-everyone is laughing with you buddy ????

[hotchilli]

12 hours ago, Artisi said:

Please stop the funnies for a while.... 

 

????

[ParkerN]

I imagine that would a be a great help. I doubt they'd think of that on their own...

[rkidlad]

My missus has been talking about exporting more lately. Apparently if you export more product you make more profit. Can anyone confirm this? If so, I’ll be sure to tell her to do so.