The Office of SMEs Promotion (OSMEP) has urged small and medium enterprises (SMEs) to closely follow the economic repercussions of the ongoing war between Russia and Ukraine and to adapt to new challenges.
OSMEP Director-General Veerapong Malai noted that Russia is one of Thailand’s major trading partners and a gateway to Eurasian countries. He added that Russians contribute significantly to Thailand’s tourism industry.
According to the OSMEP, exports to Ukraine are meanwhile worth US$134.8 million annually, $15.1 million from SMEs.
The armed conflict between Russia and Ukraine has already impacted animal feed and crude oil prices, while raising operational costs across nearly all sectors.
Veerapong said Russia and Ukraine are the 29th and 70th biggest importers of Thai SMEs products, respectively. Popular items include jewelry, synthetic gemstones, fresh and processed fruit, rice and cereal, along with telecommunications equipment.
The director-general also suggested that SME exporters prepare for a slowdown in imports and investments in both Russia and Ukraine, due to rising logistical expenses. Additionally, they should brace for an inevitable shortage of raw materials in the agricultural sector and rising commodity prices. (NNT)
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