Bangkok: Commerce Minister Supajee Suthamphan has ordered an assessment of the economic impact of the situation in the Middle East, instructing commercial attach©s worldwide to closely monitor developments and prepare strategies to mitigate risks.
According to Thai News Agency, Minister Supajee revealed that escalating tensions in the Middle East could affect global economic stability, particularly in energy, logistics, and financial market confidence. The Ministry of Commerce is actively monitoring the situation and assessing its impact on a daily basis.
The Middle East is a crucial market for Thai exports, including countries in the Gulf Cooperation Council, Israel, and other trading partners in the region. The ongoing tensions could lead to fluctuations in global energy prices, shipping rates, international transportation routes, and Thai business production costs. In response, the Ministry has tasked its 58 overseas trade promotion offices to report on the economic and trade situation, especially in the Middle East, Europe, and the United States, which may face indirect effects. These offices are also monitoring changes in transportation routes, marine insurance, logistics costs, and importer purchasing behavior.
The Ministry of Commerce is conducting in-depth impact assessments on a product-by-product basis to understand risks in various industries. Strategies are being prepared to diversify export markets to regions such as South Asia, Africa, and Latin America, reducing reliance on any single market. To support entrepreneurs, the Ministry will hold meetings with the Thai Chamber of Commerce, the Federation of Thai Industries, and logistics agencies to address challenges and determine measures to mitigate impacts. Coordination with state financial institutions is underway to prepare financial tools to support exporters amid global market volatility.
The government's integrated efforts, involving security and foreign affairs agencies, aim to safeguard the country's interests, including the safety of Thai citizens and economic security. Prime Minister and Minister of Interior Anutin Charnvirakul has instructed the Ministry of Commerce to remain vigilant and adjust measures as necessary to ensure the stability and sustainability of Thai trade activities. Minister Supajee urged entrepreneurs to stay informed through government channels and assured that all agencies are working together to maintain the stability of Thai exports and build confidence among trading partners.