Commerce Ministry to push exports to meet target

BANGKOK, June 25 (TNA) -- Thailand’s Commerce Ministry will put efforts in pushing the country’s exports this year to meet the planned target of 5 per cent growth as Thailand was expected to face small impact from Brexit, said Commerce Minister Apiradi Tantraporn. Ms Apiradi said she had assigned Thai commercial attaché in Europe, including Britain, to closely monitor and report new developments after British people voted Thursday to leave the European Union (EU). Negative impact would occur as the Ministry believes the British pound sterling would weaken against other major currencies in short term and the Brexit would affect European markets while the property sector listed under the Thai bourse would also fall. Thailand is expected to encounter a minimal effect on international trade because the country’s export to the United Kingdom accounts only 2 per cent of total exports. Demands for processed chicken, automobile and spare parts, and electrical circuit are projected to decline while importers in Thailand would import lesser due to higher operational costs. Direct investment by Thai businessmen in Britain would affect slightly as their investment in that country now stands only 4.4 per cent out of total investment in oversea. In long term, direct trade between Britain and Thailand is expected to become easier following the Brexit. But operational costs would increase because expenses have to be separated between Britain and the EU. Analysts have expressed anxieties that other members of EU might follow the footstep of Britain in future, thus inflicting a big blow to the world economy. (TNA)