BANGKOK, 13 July 2015, The Ministry of Commerce has urged Thai exporters to take full advantage of the extension of the Generalized System of Preferences (GSP) privilege by the US for another 4 years and 5 months . The renewed program will expire at the end of 2017.
According to the Director-General of the Department of International Trade Promotion (DITP), Nantawan Sakuntanaga, the GSP gives Thailand an edge over major competitors, particularly China, who have to pay excise tax at higher rates. She strongly suggested that Thai exporters, especially SME operators, make the most of the generalized scheme while it lasts.
Goods in demand in the U.S. include auto parts, para rubber & latex, electrical appliances & parts, frozen food, canned food, processed food, and gems & jewelry.
Thailand’s exports to the U.S. during the first 5 months of this year amounted to 9.8 billion U.S. dollars, or 319.5 billion baht. The country aims to achieve a 3.1 percent export growth this year. Export to the U.S. in May grew by 0.4 percent. Its export value to the US last year was worth 23.8 billion U.S. Dollars, an increase of 4.1 percent from that of the year before.