Free trade causes declining customs revenues

BANGKOK, July 4 (TNA) - Like other countries, Thailand's customs revenues have dropped due to rising free trade with trading partners. Customs Department Director-General Kulit Sombatsiri told journalists on Monday that Thailand's customs revenues are likely to stand at about 114 billion bhat this year, a drop by 8-9 per cent from the earlier target of about 120 billion baht. Kulit acknowledged that lower import tariffs in line with free trade agreements (FTAs), concluded with trading partners, have caused a fall in his department's customs revenues, especially those of information technology (IT) products. According to the senior Thai official, his department's revenues on IT products alone have fallen by 2.4 billion baht so far from both FTAs and impacts from the global economic slowdown. (TNA)