Thailand strengthens export sector

BANGKOK, January 31 (TNA) - As the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) is scheduled to be formed by 2015, the Thai government is strengthening the country’s export sector, particularly local small and medium-sized enterprises (SMEs), to further penetrate the ASEAN market. Permanent Secretary for Commerce Srirat Rastapana told journalists of the policy on Friday, saying that her ministry will also select potential Thai provinces to play significant roles in the AEC. Srirat projected that Thailand’s exports in 2014 should grow about 5 per cent and could even expand further, depending on the domestic political situation. The senior official acknowledged that Thailand, however, suffered a trade deficit of about 22.19 billion US dollars in 2013, as the country's total shipment of products to overseas markets stood approximately 228.53 billion US dollars, down 0.3 per cent from 2012 and also contracted for the first time in four years, while imports totalled about 250.73 billion US dollars, up 0.29 per cent. Meanwhile, Thailand Development Research Institute (TDRI) labour development director Yongyuth Chalaemwong cautioned if the country's gross domestic product (GDP) grew by less than 4 per cent, the national unemployment rate would grow to over 1 per cent this year, from 0.7-0.8 per cent, with the hardest hit group to be new graduates who will enter the labour market in the second quarter of this year, while part of existing workers may be laid off. The TDRI labour development director pointed out if the domestic political turbulence was solved soon, it would not affect the Thai workforce significantly as the national unemployment rate remains low. The TDRI expert also warned if domestic political protests were prolonged, local business operators would delay their new investment plans or move their new projects to other rival countries.(TNA)