Commerce Ministry explains Thailand’s trade surplus with US

BANGKOK, May 12 (TNA) -- The Commerce Ministry sent a letter to the United States, explaining that Thailand’s trade surplus against it did not result from any discrimination or unfair policy. Pimchanok Vonkhorporn, spokesperson of the ministry, said Thailand was among 13 the countries targeted by the US trade probe as it was suffering trade deficits with them. The US called for trade-related explanations from the countries to support the probe. Other targeted countries are Canada, China, the European Union, India, Indonesia, Japan, South Korea, Malaysia, Mexico, Switzerland, Taiwan and Vietnam. Responsible for the explanation, Ms Pimchanok said, the Commerce Ministry wrote to the US to explain that the amount of the US trade deficit against Thailand was small, only 1.5% of its total trade deficit. Besides, US exports to Thailand have not grown significantly because it does not have a direct free trade agreement with Thailand. In addition, the US’s direct investment in Thailand has slowed down. The Commerce Ministry also wrote that Thai exports to the US supported the US economic growth. They included the raw farm products and the products that the US could apply high technologies to add their values. Thai exports to the US thus helped boost the US economy, and trade deficit from the exports did not result from any discrimination or unfair policy, Ms Pimchanok said. The ministry also stated that Thailand was increasing its investment in the US, resulting in the employment of tens of thousands of people there. Thailand also emphasized that it did not promote its exports through any intervention in foreign exchange rates. (TNA)