ASEAN demand spike uplifts Thai electronics export
Thailand's electrical and electronics industry is on track for growth as an expected upswing in shipments to neighbouring countries is said to drive a two per cent rise in export value this year, reaching roughly $53 billion, according to the Bangkok Post.
Electrical club chairman at the Federation of Thai Industries (FTI) Wisanu Limviboon told the Bangkok Post that the increasing infrastructure development in countries such as Vietnam, Laos, Cambodia, and Myanmar, where electricity demand has surged, is opening up opportunities.
U.S. currently receives 17 per cent of Thailand's total exports and ranks as its number one export market, as stated in the same report. Europe accepts 14 per cent, whereas 24 per cent goes to Japan and the ASEAN, with each having 12 per cent share.
Meanwhile, the local demand for electronic and electrical appliances is turning out to be the same as last year's $15.4 billion, but considering the recent improvements in consumer confidence and purchasing power, the domestic market may soon pick up.
Misanu reportedly asked the country's ruling military junta, the National Council for Peace and Order (NCPO) to introduce stimulus policies to promote industry's growth. These could include government procurement of local products, and development of a cluster for the electronics sector so as to shore up small and medium-sized enterprises as well as make larger firms more cost-competitive.
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