Suphajee's Plan to Resolve Thailand's Trade Deficit

MGR Online•Economy•20d ago

Reader Briefing

Deputy Prime Minister and Minister of Commerce Suphajee Suthamphan outlines strategies to reduce the trade deficit by increasing local content and fostering co-creation with partners.

•Thailand recorded a trade deficit of 35,354.5 million USD during the first 7 months of 2026.
•Imports of capital goods and raw materials accounted for 72.9% of total imports.
•The Ministry of Commerce aims to shift from a 'Sell To' to a 'Sell With' approach with trading partners.
•Specific collaborations are being pursued with China for new industries and the UAE to address energy deficits.

Overview

•Thailand faced a total trade deficit of 35,354.5 million USD from January to July 2026.
•Capital goods and semi-finished raw materials, such as machinery, electronic parts, and chemicals, constituted 72.9% of imports.
•Thailand maintained a surplus of 13,315.6 million USD when considering only consumer goods, excluding production-related items, weapons, and energy.
•Suphajee Suthamphan instructed the Ministry of Commerce to promote 'Local Content' by encouraging investors to use more domestic raw materials and labor.
•Thailand proposed to China to review investment models to increase the use of Thai materials and co-create new industries like processed foods and health products.
•The Ministry of Commerce is negotiating an FTA with the UAE and seeking joint business developments to address the energy import deficit.
•Suphajee Suthamphan stated the objective is to move toward a 'Sell With' concept to create shared value and sustainable growth.

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Key Quotes

Suphajee Suthamphan

"The goal of the Ministry of Commerce is not just to reduce the trade deficit figures, but to use strategic relationships with trading partners to create new economic opportunities for Thailand."

เป้าหมายของกระทรวงพาณิชย์ไม่ใช่เพียงการลดตัวเลขขาดดุลการค้า แต่จะใช้ความสัมพันธ์เชิงยุทธศาสตร์กับประเทศคู่ค้ามาสร้างโอกาสทางเศรษฐกิจใหม่ให้กับประเทศไทย

Key Entities

Person

Suphajee Suthamphan(ศุภจี สุธรรมพันธุ์)

Deputy Prime Minister and Minister of Commerce.

Organization

Ministry of Commerce(กระทรวงพาณิชย์)ℹ️

The government body tasked with creating trade balance and strategic economic opportunities.

Place

China(จีน)ℹ️

A trading partner with whom Thailand is discussing new industry co-creation and e-commerce access for SMEs.

United Arab Emirates(สหรัฐอาหรับเอมิเรตส์)ℹ️

A trading partner with whom Thailand is negotiating an FTA and seeking to resolve energy deficits.

Thailand(ไทย)ℹ️

The country experiencing a trade deficit due to high imports of capital goods and raw materials.