Thailand targets reduction in US trade surplus to 20 billion USD
Thailand is aiming to reduce its trade surplus with the US to 20 billion USD by importing more US products, according to head of the country’s industry ministry's industrial economics office Passakorn Chairat.
Hanoi (VNA) - 🌼Thailand is aiming to reduce its trade surplus with the US to 20 billion USD by importing more US products, according to head of the country’s industry ministry's industrial economics office Passakorn Chairat.
The US was Thailand's largest export market last year, accounting for 18.3% of total shipments, or 54.96 billion USD.
In a briefing, Passakorrn said the government would increase imports of agricultural products such as corn, soybeans, and ethylene, which may affect domestic products.
The commerce ministry has said Thailand had a trade surplus with the US of 35.4 billion USD last year.
US President Donald Trump has set a deadline of next week for federal agencies to complete comprehensive reviews of a range of trade issues, including analyses of persistent US trade deficits.
Thai Finance Minister Pichai Chunhavajira said the coutnry’s exports of auto parts will be affected by newly imposed US tariffs./.
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Thailand, the largest automobile manufacturing hub in Southeast Asia, serves as an export base for major carmakers such as Toyota and Honda. The Thai Auto Parts Manufacturers Association reported that the country's auto parts export value totaled 19.8 billion USD from January to September 2024.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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