SKorea-Thailand trade keeps growing

BANGKOK, May 15 (TNA) - The Ministry of Commerce reports that bilateral trade between South Korea and Thailand has kept expanding with its total value growing by over 20 per cent year-on-year during the first two months of this year. Speaking to journalists of the sound prospect, Auramon Supthaweethum, Director-General of the ministry's Department of Trade Negotiations, stated that the value of two-way trade between South Korea and Thailand stood at about 2.29 billion US dollars during the January-February 2018 period, a surge of 20.6 per cent year-on-year, on top of the total bilateral trade value of about 12.72 billion US dollars throughout 2017, a 12 per cent increase from 2016. Auramon said, however, that the bilateral trade during the first two months of this year was in favor of Seoul, as Thailand's imports from South Korea reached about 1.53 billion US dollars, while exports to the South Korean market stood at about 756.4 million US dollars. According to the senior official, major Thai exports to South Korea included washing machines, dry-cleaning machines, computer sets and accessories, as well as rubber, wooden and steel products, while major Thai imports from South Korea included steel and chemical products, electric circuits, electric machines and accessories, as well as aerodrones, aircraft and parts. The senior official noted that based on the ASEAN-Korea Free Trade Agreement (AKFTA), Thailand has imposed the "zero" tariff on 8,455 imported products from South Korea under the ordinary goods category since the AKFTA took effect at the beginning of 2010, or about 88 per cent of all items of products under the category, while South Korea has, on the other hand, imposed the "zero" tariff on 11,297 imported products from Thailand under the same category, or about 90.9 per cent of all items of products under the category. The senior official, meanwhile, suggested that Thailand attract more South Korean investment projects for the sake of advanced technological transfers to boost the country's business competitiveness, as well as economic development and growth, acknowledging that South Korea is a high potential economy with outstanding creative technologies and innovations, including those in the engineering, information technology (IT), chemical, cosmetic and medical equipment sectors. (TNA)