Thailand fears that its market share in the US will be lost due to fees
On Wednesday, a prominent business team warned that Thailand’s economy and exports were slow than expected this year, which was influenced by the consequences of American customs duties, and if these fees were not reduced, the country could lose some of the market share of the United States.
The Joint Committee for Trade, Industry and Banking Services reported that the second largest economy in Southeast Asia was growth between 2 percent and 2.2 percent, in the current year, compared to previous estimates, between 2.4 percent and 2.9 percent. Clear growth indications – This is the main engine of the economy – reduced to 0.3 percent and 0.9 percent from previous estimates between 1.5 percent and 2.5 percent. Similarly, the number of tourists reaching the country has been reduced by between 36 and 37 million, from previous estimates to 39 to 39.5 million.
Thailand is one of the most affected countries in Southeast Asia from US President Donald Trump’s trade policies, because its exports are set for its largest foreign market, unless it does not enter into an agreement before next July, customs are facing customs duties.
Thai Industries Union President Krimkiri Lincol, who is a part of the committee, has warned that if these fees continue, the economic growth rate will not exceed 0.7 per cent this year, and that Thailand’s export income losses will reach 1.4 trillion pot (about $ 43 billion).
Leokal said that there are fears that other countries will be able to discuss better tariffs, which will weaken the Thai exports competition in the American market. According to the American estimates, the United States earned more than 18 per cent of Thailand’s exports last year, with Thailand’s US trade deficit to $ 45.6 billion.
He also suggested anxiety of the business sector of the Thai Bat Force, calling for the government to take steps to ensure the stability of the currency and to prevent its sharp fluctuations or rapid growth.
Last week, the Ministry of Thai reduced GDP growth from 3 percent to 2.1 percent, the impact of American customs duties and the slowdown in the global economy.
The group believes that the Thai economy has been delayed for its regional opponents from Kofid -19, and that structural challenges such as high debts such as families have been exacerbated as a result of the recent ritual pressure.
