As global tensions continue, Thai exporters have been advised to shift their focus to regional markets instead of the world market in the second half of this year.
Thai National Shippers’ Council (TNSC) chairman Chaichan Chareonsuk stated that exporters should shift their focus to regional markets such as ASEAN, China, the Middle East, and India since the Russia-Ukraine conflict is still ongoing while tensions between the United States and China are expected to increase. He noted that the current energy crisis and raw agricultural product price hikes are expected to last for some time, raising manufacturing costs and causing product prices to rise in response.
Chaichan urged exporters to use the privileges from trade agreements and trade partnerships between Thailand and other countries. He encouraged businesses to explore bio-, circular-, and green product options, which is currently a new global trend.
The TNSC chairman also believes that the public and private sectors should capitalize on the recovering tourism industry, as the number of foreign arrivals will rise following the ease of travel regulations and Covid-19 prevention measures. The TNSC now forecasts that foreign arrivals to reach nearly 6 million people in 2022. (NNT)
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