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Trade Tsunami: Thailand’s Minuscule Percentage Surge to Yield Staggering $200M in Trade – How Will Industries Adapt?

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A marginal rise of 0.04% may seem minuscule but in the world of trade, it translates to a hefty US$200 million. This insight comes from none other than Auramon Supthaweethum, who currently holds the esteemed position of director-general at the Department of Trade Negotiations.

If one were to explore the intricacies further, they would notice the projected increase in the total trade value between Thailand and the PA, which is set to rise by an impressive 16.75%. This represents a staggering proposed increase of US$1 billion. The exports are set to escalate by 4.70%, equal to a value of US$200 million. Meanwhile, the imports look progressive with an exhilarating 44.67% rise amounting to US$840 million. It’s no hidden secret that the PA will continue to hold its importance as a source of raw materials for Thailand, especially in the influx of minerals and marine creatures.

Several of Thailand’s exports are set to gain from the FTA, including cereals, rubber-based products, vehicles and their respective parts and machinery, as well as the ubiquitous plastics. As for products that need to adjust, the array includes aquatic beings like fish, crustaceans, and mollusks, as well as mineral resources, furniture, and various metals. The concerned sectors also include electronics and computers and services encompassing tourism, hotels, restaurants, retail spaces, and construction. Several arenas that require adaptation are transportation, media, and other business services.

Thailand has managed to secure FTAs with both Chile and Peru. Unfortunately, the same cannot be said about Mexico and Colombia. However, the PA holds significant importance, being the world’s 8th largest economy that constitutes 36% of Latin America’s GDP and holds its impressive population of over 225 million. Fast-forward to 2022, the trade between Thailand and the PA is calculated to be a mind-boggling 6.24 billion.

Diving into the specifics, Thailand’s exports to the PA were valued at a considerable $4.36 billion, whereas the imported goods from the PA were evaluated at $1.88 billion. Thailand’s exporting virtuosos include an array of goods from cars and car parts, to canned and processed seafood, laundry machines, machinery, and rubber products. On the other hand, imported goods include an array of items like non-metallic minerals, chilled and fresh aquatic animals, various types of paper, teakwood, processed wood items, and plant-based products.

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