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Export recovery to US likely to follow tax moves

By Petchanet Pratruangkrai
The Nation
Published on July 2, 2008

Exports to the US should recover well this year after a 1.2-per-cent drop last year, thanks to the US decision to add three products for tax benefits and extend the period for tariff cuts on 11 products.

"The tax benefits will ensure that Thai exports to the US will grow smoothly," Apiradi Tantraporn, director-general of the Foreign Trade Department, said yesterday.

The 11 products that received extensions for tariff cuts under the US annual revision of the Generalised System of Preferences (GSP) included: fresh orchids, fresh durian, dried papaya, dried tamarind, oranges, processed papaya, buffalo leather, gold necklaces, pure copper, TV with 34.29-inch screens, and TV projectors. Tax benefits for those products run from 1.8 to 14 per cent.

Three products gaining the special tax rate are aluminium, unwrought aluminium and aluminium wire rod.Apiradi urged exporters to reap benefits from the GSP privileges, boosting export competitiveness.

Thailand expects its exports to the US would increase by 2 per cent to $19.6 billion this year, after growing 7.3 per cent to $8.17 billion in the first five months.

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Export recovery to US likely to follow tax moves

Exports to the US should recover well this year after a 1.2-per-cent drop last year, thanks to the US decision to add three products for tax benefits and extend the period for tariff cuts on 11 products.

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