Asean to be top export market

Asean is expected to become Thailand's largest export market next year, increasing 15 per cent to US$42 billion (Bt1.4 trillion) while overtaking more established markets like Japan, the European Union and the United States, thanks to the move towards an integrated Asean Economic Community by 2015.

The Kingdom's overall export value during the first eight months of this year reached $120.05 billion. Exports to the EU accounted for 11.8 per cent ($14.16 billion), with 11.3 per cent ($13.55 billion) to Japan, and 11.2 per cent ($13.47 billion) to the US. Exports to those countries are expected to grow by 7, 8, and 7 per cent respectively next year.

Exports to Asean in the period came in at $20.8 billion, representing 17.4 per cent of the total.

Apiradi Tantraporn, director-general of the Foreign Trade Department, said Asean had strong potential to serve as the largest export magnet for the Kingdom.

The ministry's Asean Hub team recently drew up a four-point strategy for trade and investment in order to maintain Asean as a growing export destination.

The first step is to form trade alliances between government agencies and private enterprises, and among private sectors for cooperative investment. The second is to raise the standards for export products such as agricultural goods and livestock to serve Asean populations and penetrate promising markets.

Next is to facilitate expansion by traders and investors to Asean countries by cutting customs red tape and developing logistics systems.

The final measure is to promote local enterprises into growing into multinational companies by testing the waters in Asean.