Thailand exporters advised to use USD

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Thailand exporters advised to use USD 
: 13 Jul 2010
Exporters advised to use US dollar

BANGKOK, 13 July 2010 (NNT) –The Department of Export Promotion (DEP) has suggested that entrepreneurs use US dollar in their transaction instead of relying only on Euro currency amid concerns over the European public debt crisis.

DEP Director-General, Srirat Rastapana, has expressed her concerns over Thai exports to European markets due to the regional public debt problems and plummeting purchasing power. She said the national export target this year might not grow as much as expected by Prime Minister Abhisit Vejjajiva.

The Prime Minister has projected national export growth to be 18% this year, while the Ministry of Commerce set less ambitious target, at 14%. The DEP is compiling related data to propose to the Cabinet.

The private sector, however, has confirmed that export figures remain stable. Export expansion in Europe is still predicted at 10%, while exports to Europe account for 10-11% of the total national exports. Exports to other regions such as ASEAN, Africa, combining with cooperation among trade associations will certainly help boost the sector.

As the rate of exchange is of great concerns to exporters, SME in particular, Ms Srirat advised that entrepreneurs rely on US dollar as a medium of exchange instead of depending solely only on Euro currency.

The DEP is holding a seminar to educate exporters to have better understanding regarding risks incurred from foreign exchange rates on 21 July 2010 at Miracle Grand Hotel in Bangkok.