Latest news with #PichaiNaripthaphan
CNA
2 days ago
- Business
- CNA
Thailand will hold trade talks with US next week, finance minister says
BANGKOK: Thai Finance Minister Pichai Chunhavajira said on Friday (Jun 27) he will travel to the United States for trade talks next week. The negotiation date has been scheduled, he told reporters, without elaborating. Thailand faces a 36 per cent US tariff on its exports, a key driver of growth, if it fails to negotiate a reduction before a moratorium expires in July. A tariff of 10 per cent has been set for most nations while the moratorium is in place. Earlier this month, Thailand's commerce minister Pichai Naripthaphan said talks between the two countries could reach good terms on tariffs, and possibly settle on a rate as low as 10 per cent.
Reuters
2 days ago
- Business
- Reuters
Thailand will hold trade talks with US next week, finance minister says
BANGKOK, June 27 (Reuters) - Thai Finance Minister Pichai Chunhavajira said on Friday he will travel to the United States for trade talks next week. The negotiation date has been scheduled, he told reporters, without elaborating. Thailand faces a 36% U.S. tariff on its exports, a key driver of growth, if it fails to negotiate a reduction before a moratorium expires in July. A tariff of 10% has been set for most nations while the moratorium is in place. Earlier this month, Thailand's commerce minister Pichai Naripthaphan said talks between the two countries could reach good terms on tariffs, and possibly settle on a rate as low as 10%. Thailand has said it hopes the negotiations will be extended beyond the expiry of the tariff pause next month.
The Star
18-06-2025
- Business
- The Star
Thai exports soar most in three years as tariff talks begin
BANGKOK: Thailand's exports surged the most since early 2022 as companies rushed to stockpile goods while the Trump administration's planned tariffs are still on hold. Shipments jumped 18.4% to a record US$31 billion in May, Commerce Minister Pichai Naripthaphan told reporters in Bangkok on Wednesday (June 18). That was the biggest gain in exports since March 2022 and the fifth straight month of double-digit gains. Imports rose 18% to $29.9 billion last month, allowing Thailand to post a trade surplus of $1.1 billion, ministry data showed. The nation had a trade surplus of $4.6 billion with the US and a trade deficit of $4.1 billion with China in May. The Thai trade performance aligns with data showing a surge in Chinese exports to South-East Asia. According to Nomura Holdings Plc, this may be a sign of China rerouting its goods to other countries, particularly Thailand and Vietnam, in a bid to avoid higher US tariffs. To clamp down on the practice, Nomura estimates the US may raise its average tariff for South-East Asian countries to 15.5% from the current 10% baseline. Thailand, which has been threatened with a 36% tariff, has begun its much-delayed talks with the US this week to negotiate down the levy. Permanent Secretary for Commerce Vuttikrai Leewiraphan said on Wednesday that Thailand's proposals are good and stand a chance to bring down the tariff to the 10% baseline. The official proposal will be submitted to Washington on Friday after working-level talks this week, he added. The US was Thailand's largest export market last year, accounting for nearly a fifth of the country's total outbound shipments. The nation had a trade surplus of about $46 billion with Washington last year. The outlook for exports in the second half will depend on the outcome of tariff negotiations with the US, the Commerce Ministry said, adding it continues to monitor the impact of unrest in the Middle East and Thai-Cambodian border tension on trade. - Bloomberg
Business Times
18-06-2025
- Business
- Business Times
Thai May export growth beats forecast with fastest pace in more than three years
[BANGKOK] Thailand's exports rose by their fastest annual rate in more than three years in May, beating expectations after shipments to the United States soared, and the commerce minister said on Wednesday (Jun 18) that they would continue to perform well in 2025. May exports jumped 18.4 per cent from a year earlier to a record US$31 billion, compared with a forecast year-on-year increase of 6.7 per cent in a Reuters poll. The surge in exports, a key driver of the Thai economy, was driven by accelerated shipments ahead of the expiry of a US tariff pause in early July, the ministry said. In the first five months of 2025, exports rose 14.9 per cent from a year earlier. 'We hope export growth will exceed 10 per cent this year,' Commerce Minister Pichai Naripthaphan told a news conference, saying that the weaker baht would further support shipments. He said exports will be 'a hero' for the economy this year, and that he expected upcoming trade talks with the United States to go well. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'We have started negotiations. I believe that in the end, we will be able to end it well,' he said. Thailand faces a 36 per cent US tariff on its exports if a reduction cannot be negotiated before the moratorium expires in July. The US has imposed a 10 per cent tariff for most nations while the moratorium is in place. On Monday, Pichai said both countries could agree on good terms with tariffs, possibly as low as 10 per cent. In May, exports to the United States, Thailand's biggest market, jumped 35 per cent from a year earlier, while shipments to China rose 28 per cent. Exports of computers and parts surged 104 per cent in May from a year earlier, while shipments of agricultural goods rose 6.8 per cent. Rice export volumes dropped 0.2 per cent on the year. Last month, imports increased 18 per cent from a year earlier, beating a forecast rise of 13.1 per cent, which led to a trade surplus of US$1.12 billion for the month. REUTERS
Bloomberg
18-06-2025
- Business
- Bloomberg
Thai Exports Soar By Most in Three Years Ahead of US Tariffs
Thailand's exports surged the most since early 2022 as companies rushed to stockpile goods while the Trump administration's planned tariffs are still on hold. Shipments jumped 18.4% to a record $31 billion in May, Commerce Minister Pichai Naripthaphan told reporters in Bangkok on Wednesday. That was the biggest gain in exports since March 2022 and the fifth straight month of double-digit gains.
