PATTAYA, Thailand – Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput has submitted a formal letter to the Thai government, offering key recommendations on the 157-billion-baht economic stimulus plan recently approved by the Cabinet. The BoT advises that a significant portion of the budget should be directed toward protecting exporters to the U.S. and local manufacturers—particularly SMEs—struggling with intensified competition from a surge in cheap imported goods.
The BoT noted that from 2022 to 2024, final goods imports into Thailand rose by approximately USD 13 billion, compounding existing structural problems in the Thai manufacturing sector. Small and medium-sized enterprises (SMEs), often limited in their ability to adapt quickly, have been especially vulnerable.
To ensure the stimulus plan is effective, the BoT also called for urgent measures to curb import flooding, including stricter law enforcement at border checkpoints, expedited anti-dumping investigations, and new tax or quota frameworks on low-value imports.
Additionally, the BoT urged the government to require e-commerce platforms selling in Thailand to establish local offices to enforce product standards and ensure proper VAT collection.
