Thai border and cross-border trade starts in 2024 with 2.5% expansion, stimulating border trade in the Northeastern region

Thai border trade

Progress of the Bangkok-Nong Khai high-speed rail project, which will connect with the China-Laos-Thailand railway project to connect the logistics system in the region and increase the country’s capabilities, including expanding the Thai export market and increasing the number of tourists.

Representatives from the Ministry of Transport, the State Railway of Thailand, the Ministry of Foreign Affairs and the Ministry of Commerce were invited to provide information. The Committee on Foreign Affairs initially expressed its opinion that the construction of the Bangkok-Nong Khai high-speed rail was rather delayed due to the Bangkok-Nakhon Ratchasima section.

The target is to complete it by 2028, but as of 2024, only 14.5 km has been completed. The Foreign Affairs Committee believes that the government should plan the construction, including the management of new contracts, to be more concise, ensuring that it will be completed as scheduled to quickly connect the Thai and Lao logistics systems.

Thailand should also accelerate the construction of the second bridge across the Mekong River in Nong Khai to be completed as soon as possible. Thailand’s high-speed rail project to connect to Laos and China is an important rail logistics system that will increase the country’s capabilities.

This will create economic opportunities for Thai products to enter the market in southern China, and Thailand must also prepare measures to support the flow of products to Thailand. This is normal in international trade, where there are both imports and exports, and Thai entrepreneurs must increase their own competitiveness.

The Director-General of the Department of Foreign Trade revealed figures for Thai border trade and cross-border trade in January 2024 with a total trade value of 141,164 million baht, an expansion of 2.5% compared to the same period in 2023, with exports of 75,046 million baht (+4.8%) and imports of 66,119 million baht (-0.02%), with Thailand having a trade surplus in January 2024 of 8,927 million baht.

• Border trade with 4 neighboring countries in January 2024 had a total trade value of 82,278 million baht (+0.9%), of which exports were 50,088 million baht (+4.4%), imports were 32,190 million baht (-4.0%), and Thailand had a total trade surplus of 17,898 million baht. Thailand’s border trade with the Lao PDR had the highest value of 25,959 million baht, followed by Malaysia at 23,989 million baht, Myanmar at 17,121 million baht, and Cambodia at 15,210 million baht. Important border export products in January 2024 were diesel at 3,891 million baht, other refined oils at 1,650 million baht, and white sugar at 1,334 million baht.
• In terms of cross-border trade with third countries, in January 2024, the total trade value was 58,886 million baht (+4.7%), consisting of exports of 24,958 million baht (+5.5%) and imports of 33,928 million baht (+4.1%). Cross-border trade with China had the highest value at 31,316 million baht (+26.6%), followed by Singapore and Vietnam with values of 8,206 million baht (-30.3%) and 5,716 million baht (-13.1%), respectively. The main cross-border export products in January 2024 were hard disk drives at 5,520 million baht, TSNR rubber blocks at 2,628 million baht, and processed wood at 1,913 million baht.

The Director-General of the Department of Foreign Trade said that Thailand’s border and cross-border trade started the new year 2024 in positive territory in the first month. The total trade value expanded by 2.5%, which is a good sign.

This was due to the expansion of both Thai border trade with neighboring countries (+0.9%) and cross-border trade with third countries (+4.7%). Border exports expanded by 4.4%, especially border exports to the Lao PDR, which continued to expand for the third consecutive month, with a value of 14,890 million baht, an expansion of 13.4%. Important export products in January 2024 included diesel at 2,883 million baht and white sugar at 1,112 million baht.

While cross-border exports expanded by 5.5%, cross-border exports to China continued to expand (+4.1%), with key export products including hard disk drives at 5,520 million baht and TSNR rubber blocks at 2,628 million baht.

The Department of Foreign Trade has organized a border trade fair in Mukdahan Province from February 29 to March 3, 2024 to stimulate border trade in the Northeastern region. The event consists of 4 main activities:

1. Organizing a trade fair consisting of Thai products and products from neighboring countries, 120 booths in front of Mukdahan Provincial Hall.
2. Meeting to monitor the situation of border trade and follow up on the operation of OSS service centers in Nakhon Phanom and Mukdahan
3. Organizing online business matching activities by inviting importers from ASEAN and China to participate.
4. Seminar on the topic of “Using AI to help trade, profits come quickly” by speakers with knowledge and expertise in online marketing from the Small and Medium Enterprise Development Bank of Thailand

To expand border trade opportunities, link Thai trade with neighboring countries, develop entrepreneurs’ potential, and stimulate the economy and generate income in the northeastern provinces.

Which was well-received by entrepreneurs and local people, with sales of products throughout the exhibition totaling more than 2.5 million baht.

Source of information: Thailandplus / Matichon

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