Four key sectors picked in drive for export growth

“Although many organisations have revised down their export shipment targets to negative growth, the ministry will maintain its goal [1.2 per cent] as it foresees brighter export opportunities for some high-potential sectors, while the depreciation of the baht should benefit export expansion in the remaining months of the year,” Commerce Minister General Chatchai Sarikalya said yesterday.

The goal is to generate an additional $80.86 billion from the four priority sectors, bringing their combined full-year shipments to $141.56 billion.

This accounts for 57 per cent of the total export-shipment target for this year, said the minister. 

In heavy industry, which includes automobiles and parts, computers and parts, construction materials, rubber products, electrical circuits, machinery, air-conditioners and electrical appliances, the ministry now aims to drive exports to $53.63 billion this year, from the earlier target of $33.08 billion. 

For agricultural products and food, the ministry hopes to drive shipments from $7.57 billion to $12.41 billion, while for petrochemical products, to goal is to lift exports from $6.29 billion to $9.99 billion. 

For jewellery and ornaments, meanwhile, exports are now targeted to increase from $2.97 billion to $4.82 billion.

Chatchai said that in order to achieve the goals for each of these priority sectors, he would meet with chief executives to urgently draw up export strategies and measures to promote more shipments to new potential markets.

The minister is, for example, set to meet with CEOs from Toyata, Honda, BMW and Mitsubishi to brainstorm ideas for increasing vehicle exports during the second half of the year.

Business leaders from other sectors will be invited to similar meetings, he added.

Meanwhile, Chatchai said that the depreciation of the baht to its lowest level in six years should help increase export value.

He explained that Thai shipments had not in fact fallen in volume terms during the first five months of the year, but their value had been lower following the declining prices of many products, and agricultural products in particular.

With weakening of the baht against the US dollar, export value should expand during the second half, he stressed.

From January to May, Thai shipments contracted 4.2 per cent to $88.69 billion.

To incease exports over the remaining months of the year, the ministry will also focus on “knocking on doors” missions to targeted markets, mainly to the US, newly emerging cities in China, and “new” markets such as South Africa and Mozambique.

These missions will each focus on a particular industry, said Chatchai.

Moreover, Thai trade officers overseas will encourage more traders to visit Thailand with a view to expanding business opportunities.