Thailand seeks to reach a $2 billion trade target soon as both Bangladesh and the Southeast Asian country continue to curb the spread of the Covid-19 pandemic. The bilateral trade between the two countries stood at $1,280.24 million in 2021 as against $910.05 million in 2020.
Talking to Bangladesh Post, Khemathat Archawathamrong, Thai trade counselor in Dhaka laid due emphasize to increasing trade between the two countries so that the existing trade gap may reduce.
The existing trade deficit between the two countries was recorded at $1,171.57 million in 2021.
Khemathat said that prior to the Covid-19 pandemic, both sides had set a target of $2 billion for 2020 during their joint trade commission (JTC) meeting held in Bangkok earlier that year.
A 2021 meeting between two countries was slated for December last year, but later got postponed, with no new dates so far.
Bilateral trade between the two countries stood at $1,280.24 million in 2021 as against $910.05 million in 2020, clocking over 40% growth.
Thai exports to Bangladesh stood at $1,225.91 million, while Bangladesh’s export to Thailand was only $54.34 million.
The bilateral trade between two countries stood at $1,067.90 million in 2019, which dropped to $910.05 million in 2020. The growth was 40% in 2021 and negative 14.78% in 2020.
Asking about reducing the deficit, the Thai trade counselor said that Bangladesh should diversify its export basket. Bangladesh export basket is heavily dependent on readymade garments sharing over 80% of the country’s export earnings.
Thailand exports refined fuels, polymers of ethylene, propylene in primary forms, cement, woven fabrics, chemical products, yarn and man-made filaments, motor cars, parts and accessories, synthetic filament and staple fibres, iron and steel products and rubber products.
Bangladesh’s export to Thailand is heavily dependent on readymade garments ($30.5 million) and other items include meat, scientific, medical, testing appliances, textile products, fresh aquatic animals, vegetables and vegetable products.