Thailand is intensifying efforts to strengthen economic ties with neighboring countries, as Prime Minister Srettha Thavisin directs government agencies to embrace trade and investment policies that foster international cooperation. This strategic move seeks to expand border and cross-border trade, a critical engine driving the nation’s economic momentum.
Government spokesperson Chai Wacharonke revealed on August 11 that these initiatives are expected to stimulate positive economic sentiment. The Thai Commerce Ministry, assigning the Department of Foreign Trade the task of overseeing border trade, underscores the administration’s dedication to ensuring continued growth in this sector.
The first half of 2024 demonstrates encouraging results, with Thai border and cross-border trade reaching 912.28 billion THB (around 25.8 billion USD). Export activities contributed 534.31 billion THB, while imports totaled 377.96 billion THB. Border trade, accounting for 493.47 billion THB, was bolstered by key exports such as diesel, refined oil, and latex.
Cross-border trade also surged, registering a total value of 418.81 billion THB. China leads as Thailand’s primary trading partner in this domain, contributing 244.17 billion THB. Other significant partners include Singapore (53.13 billion THB) and Vietnam (36.26 billion THB). High-value exports, including fresh durians, hard disk drives, and rubber rods, generated substantial revenue.
Wacharonke emphasized the effectiveness of current policies, pointing to the significant trade growth. To sustain this momentum, the government plans a series of activities in Songkhla province from August 15-18. These events feature product exhibitions, online business matching, and seminars designed to educate entrepreneurs about opportunities in border and cross-border trade. Thailand’s strategic location, combined with proactive trade policies, is positioning the country as a pivotal player in regional commerce.
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