Thai exports likely to grow by 9% in 2018

BANGKOK, September 3 (TNA) - The Thai Ministry of Commerce says that the country's exports should now grow by about 9 per cent year-on-year on average in 2018, with China becoming the largest import market for Thai products. Thai Commerce Minister Sontirat Sontijirawong told journalists on Monday that he sees a promising prospect for the country's export growth this year, at about 9 per cent year-on-year, as his ministry plans to particularly promote more exports of Thai fruits, namely durian and longan, to southern China that strategically connects with other Asian and European markets through China's One Belt One Road initiative. The minister acknowledged that the plan is also aimed to turn Thailand to become, and sustain its long-term status, as a world major production and export base of fruits in the future. The minister revealed that to meet the goal, his ministry is also promoting Thai exporters to expand their markets through the modern e-commerce system and to invest in overseas markets to further boost exports of Thai fruits. The minister stated that his ministry has also targeted that the total two-way trade value between China and Thailand should exceed 80 billion US dollars this year, while the total two-way trade and investment value between the two allied countries should reach about 140 billion US dollars by 2020. Meanwhile, Deputy Permanent Secretary for Commerce Banjongjitt Angsusingh noted that the Thailand-China Free Trade Area (TCFTA) should also boost bilateral trade between the the Thai and the immense Chinese markets. According to the senior official, Thai exports during the first half of this year totaled about 125.81 billion US dollars, a 11 per cent year-on-year increase. Based on official statistics, bilateral trade between Thailand and China, where there are as high as 1,300 local consumers, stood at about 39.43 billion US dollars during the first half of this year, a 12.33 per cent year-on-year increase, with Thai exports alone to China during the same period slated at about 14.82 billion US dollars. (TNA)