InfoQuest (September 17, 2021) -- According to Mr. Keerati Ratchano, Director of the Department of Foreign Trade (DFT) of the Ministry of Commerce, Thailand's FTA and GSP-based exports were 44.17804 billion U.S. dollars and 2.21632 billion U.S. dollars, respectively, in the first seven months,totaling 46.39436 billion U.S. dollars, with the utilization rate of FTA and GSP being 77.30 percent, an increase of 36.23 percent.
From January to July, the trade volume under FTA was 44.17804 billion U.S. dollars, up 36.30 percent from last year, and the FTA utilization rate was 78.17 percent. The top five export markets within the framework of FTA are 1. ASEAN, with a total export volume of 15.40935 billion U.S. dollars; 2. China, 14.77387 billion U.S. dollars; 3. Australia, 4,893.99 million U.S. dollars; 4. Japan, 4,0720.9 million U.S. dollars; 5. India, 2,645.32 million U.S. dollars. The top five markets with the highest FTA utilization rate are 1. Thailand-Peru 100 percent; 2. ASEAN-China 93.84 percent; 3. Thailand-Japan 79.12 percent; 4. ASEAN-South Korea 72.51 percent; 5. Thailand-Chile 70.67 percent.
From January to July, the total GSP-based exports were 2,216.32 million U.S. dollars, an increase of 34.98 percent year-on-year, and the GSP utilization rate was 63.30 percent. The four major GSP export markets are 1.The United States, with a total export volume of 1,973.21 million U.S. dollars, a year-on-year increase of 43.16 percent, and the GSP utilization rate was 66.30 percent; 2. Switzerland, with a total export volume of 153.91 million U.S. dollars, a year-on-year decrease of 9.56 percent, and the GSP utilization rate was 38.78 percent; 3. Russia and CIS countries,with a total export volume of 79.83 million U.S. dollars, a year-on-year decrease of 5.68 percent, and the GSP utilization rate was 70.88 percent; 4. Norway, with a total export volume of 9.37 million U.S. dollars, a year-on-year increase of 6.40 percent, and the GSP utilization rate was 59.97 percent.
The commodities with the highest utilization rate of FTA and GSP mainly include coconut products, seasonings, non-alcoholic beverages, food seasonings, canned pineapples, large suitcases, fresh/frozen fish slices, rice, comprehensive spices and so on.
In the first seven months, Thailand enjoyed tariff preference under the framework of FTA and continued to expand exports. The FTA utilization rate of Thailand-Peru rose by 132.51 percent; ASEAN-India by 55.72 percent; ASEAN by 42.70 percent; ASEAN-China by 32.47 percent. Also, such a rate began to grow after the continuous contraction in many markets: Thailand-India by 4.91 percent; ASEAN-Japan by 3.89 percent.
There are also various high-value commodities using FTA, including industrial products, food, beverages, agricultural products and so on.
Source: InfoQuest, by Papatson Ongphichetmetha/Kasamarporn Kittisamphan, translated by Xinhua Silk Road
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