PM promotes border and cross-border trade, believes there are signs of improvement

Government House, The Prime Minister implemented a policy of friendship with neighboring countries, promoting border and cross-border trade, ordering relevant agencies to closely monitor the trade situation, believing that there are signs of expansion, promoting the organization of activities, the Border Trade Fair 2024, to increase the value of the Thai economy. Mr. Chai Wachirong, the government spokesman, revealed that Mr. Settha Thavisin, the Prime Minister, has implemented an international policy with friendliness, promoting trade and investment between each other at all levels to increase the value of border and cross-border trade, ordering relevant agencies to closely monitor the trade situation. In the first 6 months of 2024, border and cross-border trade has adjusted upwards, showing a positive signal, expanding by 3.6%, and supporting the organization of activities to promote border trade in the 2024 Border Trade Fair to stimulate the border trade economy, create trade alliances between neighborin g countries and trading partners, and create value for the Thai economy. The government spokesman said that Mr. Phumtham Vejjayachai, Deputy Prime Minister and Minister of Commerce, has implemented policies in line with the Prime Minister's guidelines and assigned the Department of Foreign Trade to closely monitor the border and cross-border trade situation. From past operations, the Department of Foreign Trade has disclosed statistics on border and cross-border trade in the first 6 months of 2024, which showed positive signs and were in positive territory, with a total trade value of 912,283 million baht (+3.6%) compared to the same period last year. Thailand exported 534,316 million baht (+3.1%), while Thailand's import value was 377,968 million baht (+4.3%), with Thailand having a trade surplus of 156,348 million baht. For the value of border trade with 4 neighboring countries in the first half of the year, the total trade value was 493,470 million baht (+2.6%), with the highest trade value in order bein g Laos with the highest value of 150,697 million baht, Malaysia with 149,361 million baht, Myanmar with 106,630 million baht, and Cambodia with 86,783 million baht. Of the total trade value, exports were divided into 305,452 million baht (+1.5%), while imports were at 188,019 million baht, resulting in Thailand having a total trade surplus of 117,433 million baht. The main border export products were diesel oil at 23,109 million baht, other refined oils at 10,432 million baht, and concentrated latex at 8,221 million baht. For the value of cross-border trade with third countries, in the first half of the year, the total trade value was 418,813 million baht (+4.8%), with cross-border trade with China having the highest value at 244,175 million baht (+14.3%), Singapore at 53,137 million baht, and Vietnam at 36,269 million baht, respectively. Of the total trade value, it was divided into exports at 228,864 million baht (+5.4%) and imports at 189,949 million baht, an increase of 4.0%. The main cross-border export products were fresh durian at 67,601 million baht, hard disk drives at 40,957 million baht, and TSNR rubber blocks at 19,500 million baht. From the information on border and cross-border trade in the past 6 months, it shows the increasing positive factors that result in an increase in trade value, which is proof of the effective implementation of the government's policies. In this regard, relevant agencies have organized activities to promote border and cross-border trade, the Border Trade Fair 2024, during 15-18 August 2024 in Songkhla Province, integrating with relevant agencies, including the Department of Internal Trade, Export-Import Bank of Thailand (EXIM Bank), Small and Medium Enterprise Development Bank of Thailand (SME Bank), and Bank for Agriculture and Agricultural Cooperatives (BAAC). The event will feature product exhibitions and sales, border trade monitoring meetings, online business matching negotiations, and seminars to provide knowledge to entrepreneurs to promote and stimulate the border trade economy. 'The Prime Minister promotes friendly relations with neighbors, sees the importance of border and cross-border trade, believes that this will be an opportunity to distribute income to people in the area, allowing them to make a living, and believes that this is an important market for Thai exports. He has also ordered relevant agencies to closely monitor the situation in order to consider further development, increase benefits in international trade with neighbors and important trading partners, increase good relations among people in the area, and increase the value of trade for the Thai economy,' said Mr. Chai. Source: Thai News Agency