The Commerce Ministry will lead a trade mission to Saudi Arabia next month to strengthen business partnerships between Thailand and the Middle Eastern country, in a bid to grow Thai exports by 20%.
Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department, said the August 27-31 trade mission will be led by Commerce Minister Jurin Laksanawisit.
According to Mr Phusit, the upcoming visit would focus mainly on strengthening trade partnerships and business matching between the two countries. The mission also comes after a Thai-Saudi business matching event held by his department on July 6 in Bangkok, which saw the participation of more than 200 Saudi companies from a variety of sectors including gems and jewellery, construction materials, travel, and hotels.
At the Thai-Saudi business matching event, Thai companies and their Saudi counterparts signed 18 memorandums of understanding on commercial partnerships covering food, travel, hotels, and agarwood.
According to Mr Phusit, his department also plans to invite Saudi importers to join a number of events: TILOG-LOGISTIX, the Thailand International Logistics Fair, to be held in August; Bangkok Refrigeration, Heating, Ventilation and Air Conditioning 2022 (Bangkok RHVAC), to be held in September; and the Bangkok Gems and Jewelry Fair, to be held in September.
Two-way trade volume between Thailand and Saudi Arabia last year totalled 234 billion baht, with exports to Saudi Arabia tallying 51 billion baht.
Thailand has a large trade deficit with Saudi Arabia because of energy imports.
In the first five months of 2022, two-way trade between Thailand and Saudi Arabia tallied 122 billion baht, up 46.6% from the same period last year.
Exports from Thailand were worth 25.7 billion baht, up 23.3%, while imports amounted to 96.5 billion, a gain of 54.3%, leading to a Thai trade deficit of 70.8 billion baht.
Key exports from Thailand included automobiles and auto parts, wood and wooden products, rubber products, canned and processed seafood, machinery, and parts.
The main imports from Saudi Arabia comprised crude oil, chemicals, fertiliser, pesticide, finished oil, and metallic minerals.
Chaichan Charoensuk, chairman of the Thai National Shippers' Council, said Thai exports to Saudi Arabia are expected to perform well after the two countries agreed in January this year to fully restore diplomatic relations after a freeze of more than three decades.
The council expects Thai exports to Saudi Arabia to grow by 20% to 65 billion baht this year.
