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Bangkok Post
5 days ago
- Business
- Bangkok Post
Govt will help exporters weather tariffs
The Ministry of Commerce will work closely with financial institutions to help Thai exporters weather the impact of the new tariffs imposed on Thai goods bound for the United States. The US said on Friday that Thai goods bound for the United States will be subject to a 19% tax, starting on Aug 7. The rate, markedly lower than the 36% initially announced by the US, was announced after the government agreed to eliminate import duties on over 10,000 items imported from the US. Sunanta Kangvalkulkij, director-general of the Department of International Trade Promotion (DITP), said staff have been instructed to come up with measures to assist affected businesses. They include extending soft loans to help affected businesses, identifying new markets for Thai goods, boosting efforts to prevent transshipment and curbing the sale of substandard goods, she said. Authorities will also review regulations to help support exporters deal with the new tariffs, Ms Sunanta said. For instance, the government is considering reviewing the requirements for businesses to qualify for the SME Pro-active programme, and increase the support cap from 200,000 baht, she noted. The Commerce Ministry is also slated to sign a memorandum of understanding (MoU) to bolster cooperation with the private sector and financial institutions in about two weeks. The DITP chief said the department will use the 50 million baht it received under government's 115-billion-baht economic stimulus package to assist in its efforts. Staff are gathering information from affected businesses to determine what additional measures are required. This will be compiled into a proposal that will be submitted to the commerce minister, cabinet and the government's economic stimulus committee for approval, she said. Asked to comment on the National Shippers' Council's projection that Thailand's export sector will grow by 5–7% this year, she said that the estimate is possible. US importers of Thai goods have so far found the new tariff acceptable and comparable to those imposed on other countries in the region. Additionally, trade with new markets is showing promising signs, and the private sector is adjusting to the new rate. The ministry's projects exports will grow by 2–3% this year, she said.
Bangkok Post
5 days ago
- Business
- Bangkok Post
Govt vows to help exporters face tariffs
The Ministry of Commerce will work closely with financial institutions to help Thai exporters weather the impact of the new tariffs imposed on Thai goods bound for the United States. The US said on Friday that Thai goods bound for the United States will be subject to a 19% tax, starting on Aug 7. The rate, markedly lower than the 36% initially announced by the US, was announced after the government agreed to eliminate import duties on over 10,000 items imported from the US. Sunanta Kangvalkulkij, director-general of the Department of International Trade Promotion (DITP), said staff have been instructed to come up with measures to assist affected businesses. They include extending soft loans to help affected businesses, identifying new markets for Thai goods, boosting efforts to prevent transshipment and curbing the sale of substandard goods, she said. Authorities will also review regulations to help support exporters deal with the new tariffs, Ms Sunanta said. For instance, the government is considering reviewing the requirements for businesses to qualify for the SME Pro-active programme, and increase the support cap from 200,000 baht, she noted. The Commerce Ministry is also slated to sign a memorandum of understanding (MoU) to bolster cooperation with the private sector and financial institutions in about two weeks. The DITP chief said the department will use the 50 million baht it received under government's 115-billion-baht economic stimulus package to assist in its efforts. Staff are gathering information from affected businesses to determine what additional measures are required. This will be compiled into a proposal that will be submitted to the commerce minister, cabinet and the government's economic stimulus committee for approval, she said. Asked to comment on the National Shippers' Council's projection that Thailand's export sector will grow by 5–7% this year, she said that the estimate is possible. US importers of Thai goods have so far found the new tariff acceptable and comparable to those imposed on other countries in the region. Additionally, trade with new markets is showing promising signs, and the private sector is adjusting to the new rate. The ministry's projects exports will grow by 2–3% this year, she said.
