Chamber says Thailand could lose almost B360bn from US policy

The US reciprocal tariff could result in economic losses for Thailand of 359 billion baht, reducing GDP by 1.93 percentage points, according to the University of the Thai Chamber of Commerce (UTCC).

- PHUSADEE ARUNMAS

The UTCC said its four impact product categories will be: steel, steel products, aluminium, and automobiles and auto parts.

The total export value for these categories in 2023 is projected at US$4.73 billion. Following the tariff hikes, the export value is likely to decrease to $4.08 billion, representing a loss of $653.6 million or 21.9 billion baht, stated the UTCC.

The tariffs may encourage an influx of Chinese products into the Thai market, especially machinery, furniture, miscellaneous goods, electrical equipment, electronics and food items, as well as alternative markets for its exports, he said.

Mr Thanavath said when combined with the recent earthquake, Thai tourism losses are estimated to reach 375 billion baht, or a decline of 2.02 percentage points.

The UTCC revised its GDP growth forecast to 1.1% this year.