Commerce Ministry speeds up seeking new export markets

Commerce Ministry speeds up seeking new export markets

Permanent Secretary for Commerce Siriphon Yodmuangcharoen said he would accelerate the search for new export markets for Thai products, after the Economist Intelligence Unit (EIU) forecast exports and gross domestic product (GDP) expansion to be negative worldwide.

Mr.Siriphon said that according to EIU forecast, GDP expansion of countries worldwide would decrease, while export growth would be two-digit negative. Asia would be negative all over the region, therefore the ministry had prepared to tackle the situation by finding new markets for Thai products, building Thai brand to be accepted, and adding values to products with intellectual property.

Besides Commerce Ministers worldwide had been instructed to study the structure of import and export in each country in order to expand market of Thai products, especially African and Middle Eastern markets, which were the focus of attention of Commerce Minister Phonthiwa Nakhasai who had traveled for trade talks continuously. He pointed out that in the United States and Europe, people still had purchasing power as they had good social welfare.

The Permanent Secretary added that export value expansion in February was still not better than in January, which was negative at 26.5 per cent but the Ministry would try its best to shore up the situation by focusing on agricultural products, which took a big portion of exports and involved up to 20 million workers. New markets would therefore be sought for agricultural products.

National News Bureau of Thailand
10 March 2009