Thailand’s Commerce Minister Outlines Bold Strategy to Reignite Growth Through High-Value Exports

Bangkok, November 21, 2025 — Commerce Minister Suphajee Suthumpun delivered a keynote address at the Bangkok Post Economic Forum 2025 under the theme “Reigniting Thailand’s Growth Engine: Trade and Exports.” The event, held at the World Ballroom of Centara Grand at CentralWorld, marked the 79th anniversary of the Bangkok Post.

In her address, Suphajee emphasized that exports remain the most powerful engine driving the Thai economy, contributing more than 60 percent of the country’s GDP. During the first nine months of 2025, Thailand’s export value reached USD 254.15 billion, representing a robust 13.9 percent increase from the previous year. She noted that this growth has helped stimulate employment, support income distribution, and strengthen national competitiveness.

Suphajee said the global economic landscape is being reshaped by four key forces. The first is de-globalization, which has accelerated trade diversion as countries choose trade partners based on risk considerations rather than solely on cost. Many nations are separating their supply chains from higher-risk markets, resulting in more tariffs and varied regulatory requirements. This shift has prompted Western economies to relocate supply chains from China to Southeast Asia, India, Mexico, Vietnam, and Thailand, creating fresh opportunities for Thai exporters. In this new era, she said, trust and stability carry greater weight than the lowest price.

The second transformative force is de-carbonization. Increasing climate volatility is affecting global food security, pushing many economies toward low-carbon development. Europe’s upcoming Carbon Border Adjustment Mechanism (CBAM) is a prominent example of how environmental standards are reshaping global trade.

Digitalization, the third force, continues to play a significant role in global economic growth as digital technologies become central to business operations and societal transformation. Meanwhile, demographic shifts—marked by ageing populations and declining birth rates—pose long-term challenges. Suphajee warned that Thailand must adapt quickly to avoid losing export momentum amid these structural trends.

 

 

To strengthen Thailand’s resilience and competitiveness, the Ministry of Commerce has adopted a strategic framework titled “Balance – Inclusive – Diversify.” The approach aims to expand traditional markets while developing new ones, position Thailand within emerging global supply chains, and diversify both export products and destinations. The minister stressed the importance of maintaining balanced relationships with major global powers, deepening regional cooperation within ASEAN and the Asia-Pacific, and capitalizing on Thailand’s geographic advantages to establish the country as a regional logistics and energy hub. She also highlighted the goal of developing Thailand into a Food Security Hub, promoting S-Curve industries, and transforming the economy from volume-based production to value-based production.

Suphajee outlined progress under the ministry’s “Quick Big Wins” initiative, designed to deliver short-term stimulus with long-term impact. The measures include accelerating free trade agreement negotiations, preparing defensive strategies to cope with U.S. tariffs and trade diversion, strengthening SMEs, and enhancing income stability for local communities. Following recent discussions in the United States, she reported that the U.S. has agreed to exempt import duties on several key agricultural and food products—particularly those not sufficiently produced domestically—creating new opportunities for Thai exporters.

The minister noted that foreign investment has been flowing more strongly into Thailand as a result of reshoring and friend-shoring trends. She underscored the need for both Thai and foreign companies operating in the country to increase the use of local content to keep value creation within the domestic economy. Without such improvements, Thailand risks becoming merely a trans-shipment point. She urged businesses to take advantage of the current momentum to build supply chains that engage Thai workers, support new SMEs, and rely more on domestic raw materials.

Suphajee stressed the importance of shifting from supply-driven to demand-driven production. Manufacturers and exporters, she said, must analyze market needs down to the HS Code level to understand product potential and identify precisely what international partners require. The focus should be on mutual benefits and deeper trade partnerships. She also called for the transition to high-value manufacturing, not merely assembling imported components but developing advanced production capabilities and strengthening Thailand’s position in global supply chains with greater resilience.

Reflecting on her first four months in office, Suphajee said she has introduced weekly KPIs for all teams to ensure swift action. When obstacles arise, immediate analysis and problem-solving are carried out. This approach, she said, ensures that short-term measures lead to long-term results, with benefits spreading across all sectors and contributing to a more sustainable economic foundation.

 

 

Source:  www.moc.go.th