The slowdown in the global economy is impacting China’s exports, leading to an oversupply of Chinese products in ASEAN markets such as Thailand. This has worsened Thailand’s trade deficit with China. Thailand’s trade deficit in the first half of 2023 is projected to be 603.2 billion Thai baht, equivalent to the deficit for the entire year of 2020. Rising household debt and a slowdown in the export market have also affected Thailand’s domestic market. The influx of inferior Chinese goods, including electrical appliances, is causing significant damage. Thailand lacks strict monitoring of imports and has only limited product standards, allowing non-standard, cheap products to flood the market. Cross-border e-commerce and Chinese logistics companies are facilitating the entry of substandard Chinese products into Thailand. The private sector is discussing possible solutions, such as tightening inspections and requiring imported goods to be domestically produced.
Meta Data: {“keywords”:”global economy, China’s exports, ASEAN markets, Thailand, trade deficit, Chinese products, oversupply, household debt, export market, inferior goods, electrical appliances, monitoring, product standards, non-standard products, cheap products, cross-border e-commerce, logistics, substandard products, private sector”}
Source link