BANGKOK, Thailand – Minister of Commerce Suphajee Suthumpun has instructed all departmental agencies to monitor the escalating Middle East conflict daily due to potential risks to global economic stability, energy prices, and international logistics.
The Minister noted that although the Middle East remains a high-potential market for Thai exports, especially within the Gulf Cooperation Council (GCC) and Israel, current instability directly threatens global energy costs, freight rates, and shipping routes. These risks could significantly raise production costs for Thai businesses.
In response, the Ministry has directed its 58 Thai Trade Centers worldwide to provide real-time reports on economic conditions and trade measures. Key areas of focus include changes in regional shipping routes, adjustments to maritime insurance, and shifts in importer behavior across the Middle East, Europe, and the United States.
The Ministry is also conducting detailed product-by-product impact assessments to identify risks in specific industries. Strategies are underway to diversify Thai exports into alternative markets such as South Asia, Africa, and Latin America to reduce reliance on any single region.
The Minister will convene a joint meeting with the private sector, including the Thai Chamber of Commerce, the Federation of Thai Industries, and logistics providers, to develop relief measures. The Ministry is also working with state financial institutions to prepare financial tools for exporters facing global market volatility.
The Minister emphasized that these proactive measures are integrated with the government’s broader security and foreign policy goals to protect both Thai citizens and national economic interests. (NNT)
