The Thai Government has said that in order to cope with such adverse factors, it must enhance trade promotion activities in potential import markets such as Africa, the Middle East, and the United Arab Emirates (UAE).
To fully tap into potential opportunities, the Thai Government should also seek to expand trade relations with partner countries and take full advantage of signed free trade agreements (FTA) to promote exports.
Thailand has inked 13 FTAs with its partners, with those connecting it with Turkey, Sri Lanka, and Pakistan hoped to be completed by 2020. The country is also considering the possibility of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following its upcoming general election.
Thai firms are optimistic about the export prospects of the country in 2019. The GDP is forecast to rise by 4-4.3 percent, while the inflation rate will be controlled at 0.8-1.2 percent.