Balancing old and new markets overseas tradebalancing old and new markets exports to be 50:50 next year
Thailand is expected to achieve a balance between traditional and new export markets by next year, earlier than its goal, thanks to the economic boom in potential importing countries.
The Commerce Ministry wants to balance exports between the two markets in order to avoid incidental losses in either.
The Department of Export Promotion (DEP), for its part, forecasts a brighter export scene next year due to economic recovery in major trading part
¬ners and continuous economic expansion in potential new mar¬kets.The ministry will today set the Kingdom
's export targets for next year in a meeting with 57 overseas commercial trade counsellors and more than 100 Bangkok trade advisers.Rachane Potjanasuntorn, directorgeneral of the DEP, said the ministry was confident of steady export expansion next year as better trade opportunities were foreseen in both markets and strategies were being developed to exploit them.
Thailand targets export growth of 15 to 20 per cent this year to between US$174.9 billion (Bt6.09 trillion) and $182.5 billion. In the first seven months of the year exports grew sharply by 26.1 per cent to $104.17 billion.
"The proportion of exports to new and traditional markets could be 50:50 next year in view of valiant efforts to increase export growth to new markets," Rachane said.
Equality is expected to ensure smooth export growth as a whole. At present new markets account for 48.4 per cent of export value and traditional markets - the United States, Asean, the European Union and Japan - for 51.6 per cent.
The department will continue to cultivate new markets such as the Middle East, Russia and Eastern Europe, other Asian countries, South America and Africa, which have expanded rap
¬idly in the past two years.It plans over 300 trade fairs at home and abroad to promote Thai goods and offshore invest¬ment with a view to sustainable trade growth.
The department
's initial estimate is that exports to all markets will grow robustly next year.In traditional markets, exports to the US are expected to grow 7 per cent to $21.7 billion, to the EU 7 per cent to $22.28 billion, to Japan 8 per cent to $21.6 bil
¬lion and to Asean 9.1 per cent to $29.8 billion.In new markets, exports to China are expected to grow 20 per cent to $21.36 billion, to India 25 per cent to $4.66 billion, to Eastern Europe 30 per cent to $3.09 billion, to the Middle East 20 per cent to $11.1 billion and to Africa 25 per cent to $8.08 billion.
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