The Commerce Ministry of Thailand has set a target of raising cross-border trade value to 1.2 trillion THB (32.3 billion USD) in 2024, marking a 20% increase from this year’s estimated 1 trillion THB.
Thailand aims for 20% cross-border trade boost (Photo: bangkokpost.com)
Bangkok (VNA) - The Commerce Ministry of Thailand has set a target of raising cross-border trade value to 1.2trillion THB (32.3 billion USD) in 2024, marking a 20% increase from this year’sestimated 1 trillion THB.
Deputy Commerce Minister Napintorn Srisunpang disclosedthe ministry’s strategy to achieve this. They plan to promote various communityproducts, geographical indication products, and franchises.
Napintorn stated the ministry will also hostexhibitions and business-matching events, creating a platform for officialsfrom neighbouring nations and foreign trade associations to discuss tradebarrier reduction strategies.
He said that bordertrade promotion activities are slated to start first in major border tradeareas such as Chiang Rai, Mae Sot in Tak , Sadao-Padang Besar in Songkhla, NongKhai, Surin and Buriram.
Despite economic challenges in neighbouringcountries like Myanmar, Laos, and Cambodia, the ministry remains optimistic.Napintorn expressed belief in the popularity of Thai consumer goods in thesecountries due to their quality and reasonable prices. He noted that Thailandwill also promote cross-border trade with China.
The growth of small and medium-sized enterprises(SMEs) and boosting their export capabilities have beenidentified as crucial areas. Out of approximately two million registeredcompanies in Thailand, only 900,000 are active.
SME export income decreased by 6% over the past year. Contrasting the contribution of SMEs indeveloped countries, which is 40 to 50% of GDP, with that of Thai SMEs, whichis only 34%.
The ministry 💜aims to increaseSME export income so that SME contributions to GDP reach 35.2%.
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Thailand aims for 20% cross-border trade boost (Photo: bangkokpost.com) 
