FTAs yield $5.39 billion tariff cut for Thailand products in January

Published 2023년 4월 3일

Tridge summary

Thailand saw a significant increase of 1,039% in tariff benefits under the Regional Comprehensive Economic Partnership (RCEP), totaling $97.04 million in January 2023. The country leveraged over 70% of the eligible benefits, primarily for exports of automotive and components, tapioca, rubber, and fresh durians. The top five FTAs contributing to Thailand's exports in January were the Asean Free Trade Area, Asean-China Free Trade Area, Thailand-Australia Free Trade Agreement, Japan-Thailand Economic Partnership Agreement, and the ASEAN-India Free Trade Agreement. Thailand exported to nine RCEP members, including Japan, China, and South Korea, and the benefits were largely attributed to exports of lubricant oils, tapioca chips, canned tuna, and textile powder.

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Original content

Meanwhile, tariff benefits for Thai trade under the Regional Comprehensive Economic Partnership (RCEP) amounted to 3.33 billion baht ($97.04 million) in January, said DFT director-general Ronnarong Phoolpipat. Ronnarong said Thailand exercised over 70% of eligible benefits under the FTAs, especially for exports of automotive and components, tapioca, rubber, and fresh durians. The top five FTAs benefiting Thailand in January were: - the Asean Free Trade Area (AFTA) – $2.08 billion. - Asean-China Free Trade Area (ACFTA) – $1.2 billion. - Thailand-Australia Free Trade Agreement (TAFTA) – $487.2 million. - Japan-Thailand Economic Partnership Agreement (JTEPA) – US$487.1 million. - ASEAN-India Free Trade Agreement (AIFTA) – $400.3 million. Thailand exported to nine RCEP members in January, namely Japan, China, South Korea, Australia, Singapore, New Zealand, Malaysia, Vietnam, and Indonesia. RCEP benefits for Thailand totalled $97.04 million, an increase of 1,039% year on year since the ...

Source: Nationthailand