Commerce Ministry reveals GSP privileges for exports in 2024 will increase by...
The Department of Foreign Trade revealed that the GSP privileges in 2024 were worth 3,565 million dollars, accounting for 53.60%, an increase of 3.96% from the previous year. The highest value of the privileges was exported to the United States at 3,242.23 million dollars. Processed coconut is an agricultural and processed agricultural product that dominates the market in the United States.Advertisements
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Mrs. Arada Fuangthong, Director-General rcs data malaysia of the Department of Foreign Trade, Ministry of Commerce, revealed thatthe use of trade privileges for exports under the Generalized System of Preferences (GSP) in 2024, with a total value of 3,565 million dollars or approximately 0.12 trillion baht, is 53.60% of the total export value of products receiving the privileges.
It increased by 3.96% from the previous year. The destination country that Thailand exported to the most was still the United States, with a value of 3,242.23 million dollars, accounting for 56.29% of the products receiving the rights.
The top five products using GSP privileges are air-conditioner components, large suitcases and luggage, prepared foods, rubber gloves, and citric acid. Although the US is currently considering a draft law on the renewal of the GSP program that expired at the end of 2020, it is currently reserving the GSP privilege to claim a refund of the taxes paid if the program is retroactively renewed. As a result, the value of US GSP privileges in 2024 did not decrease, but instead increased by 4.49% compared to the previous year.
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