Thailand to explore new export markets

BANGKOK, August 6 (TNA) - The Ministry of Commerce eyes to explore new markets to boost Thai exports in the coming months. Somkiat Triratpan, Director of the ministry's Trade Policy and Strategy Office, told journalists on Thursday that his ministry has prepared the fresh marketing strategy, after its delegations have received positive response in recent trade negotiations in South Africa. Somkiat noted that his ministry, thus, plans to visit Europe and several countries in Asia soon. Realising impacts from a global economic downturn, Somkiat said, however, his ministry has, for the first time, revised Thailand’s export target this year to contract by 3 per cent, in accordance with a drop in imports by several trading partners. According to the senior official, the revised Thai export target in 2015 is based on assumptions that the Thai baht stays at 35 baht per US dollar, average global oil prices are at 60 US dollars per barrel and local farm products prices improve during the second half of this year. Under the revised target, the senior official pointed out, Thailand is expected to export goods worth about 220.7 billion US dollars in 2015. Meanwhile, an information released by the ministry has quoted a report issued by the US-based International Monetary Fund (IMF) as indicating that several countries would see their economies slow down this year. For example, China’s immense economy should grow by 6.8 per cent, Europe by a mere 1.5 per cent and Asia by 4.7 per cent. (TNA)