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Head Foreign Trade Department:

‘Removal of GSP by US no cause for concern in Thailand’

The chief of the Foreign Trade Department has stated that Thailand's overall exports are unlikely to be affected much by the US's decision to cut 11 Thai products out of its Generalized System of Preferences (GSP).

Adul Chotinisakorn, director-general of the Foreign Trade Department, said the move by the United States will have little impact on exports as Thai products remain competitive, given the relatively low tariff hike.

Among these 11 products are fresh-cut orchids, fresh durian, dried papaya, dried tamarind, prepared and preserved sweet corn, preserved fruit and nuts, prepared papaya, and others. Of the total, 10 items controlled a market share of more than 50% of US imports.

The 11 Thai products are going to be subject to US import tariffs ranging from 1 to 8%. In 2017, the value of the GSP used by Thai exporters on 3,400 items given trade privileges totalled $4.15 billion.

Mr Adul has stated that Thailand was not alone in cuts to the GSP, as other competitors in the US market such as India, Brazil, Ecuador, Argentina, the Philippines, Indonesia also faced higher tariffs.

Source: bangkokpost.com


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