Thailand: FTA recovered from the first 2 months of the export crisis with 24.3% jump

Published 2021년 4월 16일

Tridge summary

Thailand's 2021 exports have been negatively impacted by economic slowdowns, increased competition, container shortages, and high freight prices due to the COVID-19 pandemic. However, the country is looking to boost its export competitive advantage through Free Trade Agreements (FTAs), including the upcoming Regional Comprehensive Economic Partnership (RCEP) in 2022. In 2020, FTAs accounted for 63% of all Thai trade and 61% of exports, despite a slight drop in processed agricultural products exported to FTA countries. The Department of International Trade Negotiations is working with various sectors to increase awareness of FTAs and improve export opportunities, particularly in agriculture. Additionally, the department plans to speed up FTA negotiations with several countries and blocs, aiming to expand trade opportunities and promote Thai investment, focusing on bananas as a target product under the FTA.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Thai exports in 2021 faced both economic slowdowns. The competition is more intense. Containers are missing and have a high freight price. Including the baht All of which have been affected by the epidemic of COVID-19. The "Free Trade Agreement" (FTA) is a tool that will help increase Thailand's export competitive handicap to achieve the target growth of 4% by the Ministry of Commerce. One more issue, the "Regional Economic Partnership Agreement" or RCEP, which aims to take effect in 2022, will be one of the key drivers for export growth. From monitoring the use of FTA in 2020, it was found that even though Thailand faces a COVID-19 problem, But if you look at the trade figures between Thailand and the countries where Thailand has an FTA, it is worth US $ 276,303 million, accounting for 63% of all Thai trade. The value is US $ 140,826 million, accounting for 61% of Thai exports. And it is an import worth US $ 135,477 million, accounting for 66% of total imports.Agribusiness such ...

Source: Prachachat