International Business News – According to Thai media reports, the deputy spokesman of the Prime Minister’s Office recently said that since the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect on January 1, the total trade between Thailand and RCEP members in the first half of the year was US$16.941 million, and Thailand’s total exports to member countries amounted to US$7.8172 million.
Since the Regional Comprehensive Economic Partnership Agreement (RCEP) landed and entered into force on January 1, 2022, from January to June, the total trade between Thailand and member countries was approximately US$16.941 million, an increase of 13% year-on-year. Thailand’s exports to RCEP member countries amounted to approximately US$7,817,200, an increase of 9%, and the main export markets with better growth included China, ASEAN, Japan and South Korea.
According to the Ministry of Commerce of Thailand, Thailand’s exports to RCEP markets increased, such as sugar, canned and processed fruits, wheat products and convenience foods, pet food; agricultural products such as fresh, chilled, frozen and dried fruits, and industrial products such as electronic circuit boards, plastic and rubber products.
Data from the Chinese Ministry of Commerce show that Thailand’s imports are also increasing. Thailand’s imports from RCEP member countries amounted to about US$90.8 billion, an increase of 14% over the same period last year. The main import markets are China, ASEAN countries, Japan and South Korea, and the main products imported are capital goods such as electrical machinery and parts. There are also raw materials and semi-finished products, such as chemicals, steel and its products, circuit boards, etc.