ID :
353738
Sun, 01/11/2015 - 10:17
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Officials closely monitor Thailand-China trade

BANGKOK, January 11 (TNA) - Concerned Thai authorities are closely monitoring on trade between China and Thailand following a sharp decrease in global oil prices while China has increased its oil consumption tax to prevent over-supply of certain products. Nuntawan Sakuntanaga, director-general of Thailand’s International Trade Promotion Department, says key Thai export goods to China are being monitored, saying the goods which are related to oil such as chemical products, plastic resins and tourism could be affected indirectly as revenue earned by oil exporting countries falls, forcing demand for goods and travelling to decline. She also said production costs and costs on imports which are projected to decline would help lower inflation, enabling consumers to have more money and also purchasing power. But manufacturing firms which benefitted from declining oil prices might be producing goods beyond demand, resulting in volatility in goods prices. On China, the Thai trade official added that falling oil prices and revenue were believed to affect Chinese economic development in the long-term, especially alternative energy projects and businesses related to oil processing. She said was even possible for certain entrepreneurs to consider relocating production bases unless new alternative energy policies were implemented. (TNA)

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