Shrimps and tuna to be hardest hit
Thailand's shrimp and tuna exports will be hardest hit should the United States boycott Thai products following the downgrade in the Trafficking in Persons 2014 report, said Siam Commercial Bank.
Its research showed that the US consumes 40 per cent of Thai shrimp export and 20 per cent of tuna export.
The US reserves the rights to impose sanctions within 90 days after the downgrade was announced.
SCB also noted that the downgrade will send a negative psychological impact to the global community. Trade competitors may use this as a reason to steal buyers from Thailand.
It added that this downgrade also tarnishes Thailand’s image in the international community. Some multinational companies may revise investment schemes.