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Thailand's Finance Minister Advocates for Increased U.S. Imports to Address Trade Surplus
Pichai Chunhavajira emphasizes collaboration with U.S. businesses to mitigate trade policy impacts and stimulate economic growth.
Thailand's Finance Minister, Pichai Chunhavajira, announced on February 10, 2025, that the government supports increasing imports from the United States as a strategy to reduce the country’s significant trade surplus.
This decision comes in the context of ongoing discussions surrounding U.S. trade policies and their effects on international trade dynamics.
During a press briefing, Minister Pichai outlined the government’s intent to engage with U.S. businesses operating in Thailand to foster understanding and cooperation, particularly concerning the impact of U.S. President Donald Trump's fluctuating trade policies.
'This will help create understanding with the United States that most Thai exports to the country are investments by U.S. companies based in Thailand,' he stated.
According to data from Thailand's commerce ministry, the nation recorded a trade surplus of $35.4 billion with the United States in the previous year.
The U.S. remains Thailand’s largest export market, accounting for 18.3% of total shipments, amounting to approximately $54.96 billion.
However, commerce officials noted that uncertainties regarding U.S. trade policies pose challenges to increasing Thai exports.
In alignment with Trump's directives, which include comprehensive reviews of trade issues by U.S. federal agencies by April 1, significant attention is being paid to the assessment of persistent U.S. trade deficits.
While tariffs have been imposed on Chinese imports, Trump has also indicated potential actions against the European Union, but has temporarily suspended threats of tariffs on Mexico and Canada for a 30-day period.
Recently, a government official reported plans to elevate U.S. ethane imports by at least 1 million tons starting in the second quarter of 2025, which is part of the broader strategy to reduce the trade surplus.
Additionally, Minister Pichai expressed the government's aim to stimulate economic growth, targeting an expansion above 3% for the year.
He emphasized the need for increased investment and supported innovative funding measures, including the utilization of digital assets to finance economic development.
This decision comes in the context of ongoing discussions surrounding U.S. trade policies and their effects on international trade dynamics.
During a press briefing, Minister Pichai outlined the government’s intent to engage with U.S. businesses operating in Thailand to foster understanding and cooperation, particularly concerning the impact of U.S. President Donald Trump's fluctuating trade policies.
'This will help create understanding with the United States that most Thai exports to the country are investments by U.S. companies based in Thailand,' he stated.
According to data from Thailand's commerce ministry, the nation recorded a trade surplus of $35.4 billion with the United States in the previous year.
The U.S. remains Thailand’s largest export market, accounting for 18.3% of total shipments, amounting to approximately $54.96 billion.
However, commerce officials noted that uncertainties regarding U.S. trade policies pose challenges to increasing Thai exports.
In alignment with Trump's directives, which include comprehensive reviews of trade issues by U.S. federal agencies by April 1, significant attention is being paid to the assessment of persistent U.S. trade deficits.
While tariffs have been imposed on Chinese imports, Trump has also indicated potential actions against the European Union, but has temporarily suspended threats of tariffs on Mexico and Canada for a 30-day period.
Recently, a government official reported plans to elevate U.S. ethane imports by at least 1 million tons starting in the second quarter of 2025, which is part of the broader strategy to reduce the trade surplus.
Additionally, Minister Pichai expressed the government's aim to stimulate economic growth, targeting an expansion above 3% for the year.
He emphasized the need for increased investment and supported innovative funding measures, including the utilization of digital assets to finance economic development.
