Thailand’s border and cross-border trade surged by 6.18% in the first 10 months of 2024, reaching a total value of 1.51 trillion baht (US$43.43 billion), according to Commerce Minister Pichai Naripthaphan. The government has set an ambitious goal of expanding this trade to 2 trillion baht (US$58 billion) annually by 2027.
The export value during the period rose by 5.64% year-on-year to 872 billion baht (US$25.3 billion), while imports grew 6.92% to 643 billion baht (US$18.7 billion), resulting in a trade surplus of 229 billion baht (US$6.6 billion).
To achieve its target, the Ministry of Commerce collaborated with local agencies and businesses to enhance trade infrastructure, including the development of Chiang Saen Port in Chiang Rai. Positioned as a key gateway for trade with Laos, Myanmar, and China in the upper Mekong region, the port saw a significant 21.5% year-on-year increase in trade value, totalling 5.96 billion baht (US$173 million) over the first 10 months of 2024.
Of this, exports accounted for 5.65 billion baht (US$164 million), while imports stood at 312 million baht (US$9 million). The route has become increasingly vital for fruit shipments, especially after China reopened its Guanlei checkpoint in Yunnan province in July.
The Port Authority of Thailand and private investors are evaluating further investments to boost the port’s efficiency and trade potential.
Minister Pichai stated that the government remains committed to promoting and facilitating cross-border trade with neighbouring countries. As part of its strategy, the ministry plans to organize six trade fairs in 2025, focusing on special economic zones and border provinces across four regions of the country, reported Bangkok Post.
Discussions with relevant agencies and neighbouring nations are also underway to explore the possibility of opening new checkpoints directly opposite existing Thai trade points. Currently, 86 out of Thailand’s 94 trade checkpoints are operational, while neighbouring countries have opened 73 checkpoints.
In related news, Commerce Minister Pichai Naripthaphan is set to visit the United States in February to address concerns about Thailand’s trade surplus between the two nations.
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