The Thailand – Russia Business Council (TRBC) has suggested that Thailand may need to export goods to Russia through other countries. The comments came after the United States, European Union, United Kingdom and other nations blocked Swift access for some Russian banks in response to Russia’s invasion of neighboring Ukraine.
TRBC Chairman Kriengkrai Thiennukul said Russia was hit with similar measures in 2014 when it annexed Crimea. He noted, however, that goods can still be exported to Russia through nations such as Belarus and China.
Kriengkrai nevertheless acknowledged that war between Russia and Ukraine meant higher costs for monetary transactions and logistical operations for exports to Russia.
Trade between Thailand and Russia had reached $2.7 billion in 2021, with Thai exports accounting for $1.02 billion. Automobiles and parts were the biggest exports, followed by rubber and latex goods, machinery and parts, and processed fruits.
Russian imports meanwhile accounted for 1.7 billion dollars, with crude oil being the most valued commodity. With the war pushing fuel prices higher, the TRBC Chairman said Thailand is likely to see a trade deficit with Russia going forward. (NNT)
 |
 |
 |
