BANGKOK(NNT) – The global economic slowdown and international trade challenges have affected the overall performance of Thailand’s export sector, including border trade. However, Thailand’s cross border trade figures for three countries continue to grow despite these challenges, especially to southern China where the latest figure shows 27.83 percent growth.
The Department of Foreign Trade’s (DFT) Director General Keerati Rushchano has announced the border and cross border trade figure from January to October this year, is at 1.125 trillion baht, showing a 1.94 percent decrease. The trade figure between Thailand and four neighboring countries in this period is 890 billion baht, which is a 2.96 percent increase.
During this period, Malaysia remained the top trading partner in this category, followed by Myanmar, Laos, and Cambodia. The trading figure with Cambodia during this period shows 16.87 percent growth, valued at 130 billion baht.
Cross border trade to China, Vietnam, and Singapore in the first 10 months of this year was valued at 220 billion baht, showing a continuous 2.34 percent increase. The trade figure to southern provinces of China alone during this period is valued at 170 billion baht, showing a significant increase of 27.83 percent, which is the highest of the three countries, followed by Vietnam and Singapore.
The DFT chief said overall border and cross border trade in the first 10 months shows some decrease due to the stronger Thai currency, the global economic slowdown, and consequences of the U.S.-China trade war. He said overall border and cross border trade this year is likely to achieve its 1.6 trillion baht goal.
He said the Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit has visited border areas to promote border trade and lessen obstacles. The Ministry of Commerce now has campaigns in place to stimulate border trade from early 2020, including trade fairs in special economic zones in the eastern and southern region, which will promote full utilization of infrastructure development and the designation of these economic zones.