DITP urges Thai SMEs to take benefits from prolonged GSP

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BANGKOK, 12 July 2015 – The Department of International Trade Promotion (DITP) encourages Thai SME owners to take advantage of the US-Thai GSP extension, adding that Thai exports to the US has expanded by 4.5% during the past 5 months. 

The DITP Director-General Nuntawan Sakuntanaga has revealed that the DITP has met with the Thai Chamber of Commerce, the Federation of Thai Industry, and the delegation from the manufacturer’s association of six key products to discuss the extension of the Generalized System of Preferences (GSP) with the United States. It has been confirmed that Thailand’s GSP with the United States has been extended for an additional 4 years and 5 months.

In this meeting, entrepreneurs have been informed that manufacturers of six key products; namely automobile parts, rubber products, electronic appliances and parts, fresh and processed seafood, fresh and processed fruits and vegetables, and jewellery and accessories; can claim their export benefits under the GSP from 28 July 2015 onwards.

The meeting has also discussed the report from the US Commercial Attache that the overall spendings in the United States has increased due to a better confidence in the nation’s economy, reflected from the increased purchases in properties, increased minimum wage in some areas, and the low price of oil. These factors are indicating a better economic status in the United States.

Thai exports to the US from January to May 2015 has also shown a 4.98 percent increase, with the total value at 9.862 billion US Dollars or equivalent to 319.5 billion baht. Thai exports to the United States for the entire year is expected to expand by 3.1 percent, or valued at 24.6 billion US dollars.