On May 16, 2019, Ms. Chutima Bunyaprasertsri, the Deputy Minister of Commerce, stated that the recent increase in U.S. tariffs on Chinese goods to 25%, along with China's retaliatory tariffs on U.S. products, will significantly slow down the global economy, trade, and investment. This situation is causing severe volatility in global financial and stock markets. The impact is not limited to the U.S. and China; every country, including Thailand, will feel the effects.

          Regarding exports, it is anticipated that Thailand's export value this year will fall short of the Ministry of Commerce's target of 8% growth due to the trade war, which is reducing global economic activity and purchasing power. The extent of the decline and whether the export target will be adjusted will depend on an assessment of the situation in collaboration with trade ambassadors at the end of May. Deputy Prime Minister Somkid Jatusripitak has instructed a comprehensive evaluation of the situation and the development of a detailed export promotion plan.

          To counteract the expected decline in exports, the Ministry of Commerce will focus on penetrating secondary cities and provinces in China, new states and potential states in the U.S. and India, as well as other promising markets in the Middle East and Africa.

 

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