Bangkok Terminal Logistics Co., Ltd.
Exporters use RCEP rights for 2 months, jump 3 times, value 1,165 million baht
Revealed that since the Regional Comprehensive Economic Partnership (RCEP) agreement came into effect on January 1, 2022 until February 28, 2022.
Exporters exercise RCEP rights
Mr. Pitak Udomvichaiwat, Director-General of the Department of Foreign Trade, revealed that since the Regional Comprehensive Economic Partnership (RCEP) agreement came into effect on January 1, 2022, until February 28, 2022, Thai exporters have requested certificates of origin for exports under the RCEP agreement worth as much as 1,165.52 million baht.
The largest export to Japan was worth 540.36 million baht, mostly processed fish such as herring, tuna, skipjack, processed vegetables, and textiles. China was second with 453.95 million baht, mostly plants, vegetables, and fresh fruits such as cassava, longan, durian, and coconut.
And in third place is South Korea, with an export value of 171.21 million baht, mostly airbags with inflatable systems, motorcycles, volatile fats and oils, shampoo, and cotton shirts for men or boys.
In January 2022, the request for RCEP rights was 277.84 million baht, exporting to two main markets: Japan and China. In February 2022, the value of request for rights was as high as 887.67 million baht, which is a growth rate of 219.49% or a 3-fold increase from the first month.
This may be because since February 1, 2022, when the RCEP agreement came into effect with South Korea, exports to South Korea have begun to increase. Although exports to South Korea in February were not very high, at around 171.21 million baht, it is an important factor that has caused the figures to grow exponentially.
Another factor that caused the number of exporters to exercise their rights to increase is the advantage under the RCEP agreement, which arose from the criteria for obtaining origin under RCEP, which has simplified criteria. In addition, the agreement has clear requirements for product release: if possible, the release of perishable products must be completed within 6 hours, and for general products, the release must be completed within 48 hours. Therefore, it is expected that this is an important reason why many entrepreneurs have applied for rights under RCEP, as they can plan their imports and exports in advance more accurately, said Mr. Pitak.
Data source: Department of Foreign Trade
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