InfoQuest (February 25, 2021) - The export amount of Thailand using Free Trade Agreement (FTA) and Generalized System of Preference (GSP) in 2020 totaled 62,338.86 million U.S. dollars, with a utilization rate of 76.06 percent and an overall utilization fall of 10.46 percent throughout 2020, said the Director General, Department of Foreign Trade.
From January to December, 2020, FTA created 58,077.18 million U.S. dollars of exports, 11.41 percent higher than last year's figure, and the utilization rate was 76.53 percent.
ASEAN, China, Australia, Japan and India became top five export destination markets of Thailand with the most FTA-based trades, amounting 19,337.00 million U.S. dollars, 18,955.77 million U.S. dollars, 6,987.07 million U.S. dollars, 6,495.44 million U.S. dollars, and 336.88 million U.S. dollars.
In 2020 Top Five FTA frameworks with the highest utilization rate in Thailand included Thailand-Chile, ASEAN-China, Thailand-Peru, Thailand-Japan and ASEAN-the Republic of Korea, showing a utilization rate of 98.87 percent, 89.77 percent, 86.38 percent, 82.06 percent and 70.72 percent.
In 2020, Thailand's exports of 4261.68 million U.S. dollars were realized by virtue GSP, and involved four GSP systems, namely, the United States, Switzerland, Russia and other CIS states and Norway. The utilization amount increased by 5.03 percent, and the utilization rate was 70.12 percent.
Thailand's top five export destination market with highest frequency of GSP-based trades include the US, Switzerland, Russia and other CIS states and Norway, with export amount reading 3825.94 million U.S. dollars, 270.8 million U.S. dollars, 133.92 million U.S. dollars and 31.02 million U.S. dollars respectively, an y/y export increase of 7.57 percent, -18.02 percent, 3.81 percent and 1.37 percent，and GSP utilization rate of 71.24 percent, 52.46 percent, 81.23 percent and 100 percent separately.
The worldwide COVID-19 outbreak in 2020 caused an overall decline in the utilization of FTA and GSP, limited people work at home, but also generated a good growth momentum of certain household appliances thereby.
Source: InfoQuest, by Phonnareu/KasamarpornKittisamphan/RachadaKongkhunthian, translated by Xinhua Silk Road
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