Business Desk :
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.
Khemathat Archawathamrong, Thai trade counselor in Dhaka expressed this view while talking with journalists recently.
Emphasizing increasing trade between the two countries, 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.
Trade deficit between the two countries was recorded at $1,171.57 million in 2021.
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.
