With an upbeat export growth projection of about 5% this year, the Ministry of Commerce and the private sector are optimistic for a further 2-3% growth in 2025, bringing total export value to about US$305 billion.
Commerce Minister Pichai Naripthaphan said today that Thailand is in process of negotiating FTAs with the European Union, South Korea and several other countries which, if successful, will further boost Thai exports, adding that Thailand wants to become the production base for modern industries, such as printed circuit boards.
He admitted, however, that there is a new challenge posed by future changes in US trade policy, adding that a Thai delegation will visit the US, immediately following the inauguration of President Donald Trump, to explain that a large portion of Thai exports to the US market are manufactured by American firms based in Thailand.
Pichai believes that Thailand will not face higher import tariffs, like China and Vietnam which are enjoying huge trade surpluses with the US.
The commerce minister did, however, express concern over the Thai currency, which has recently strengthened again, which will make Thai products less competitive than those from Vietnam, Indonesia and the Philippines, the currencies of which are weaker against the US dollar.
He said he would like to see the Thai baht weaken to 36-37 baht per US dollar.
Poj Aramwattananont, first vice chairman of the Thai Chamber of Commerce, said he is confident that Thai exports have good prospects next year, but he remains concerned about the unpredictability of US trade policies under a Trump administration.
