NONTHABURI, Oct 28 (TNA) — The suspended Generalized System of Preferences (GSP) by the United States would have slight impacts on general Thai exports, except some items that had depended much on it, said Pimchanok Vonkorporn, director-general of the Trade Policy and Strategy Office.
On Oct 25, the US announced to suspend GSP on 573 Thai exports that formed 40% of the Thai exports that had exercised privileges under the GSP last year.
On average, 66.7% of Thai exports eligible to GSP exercised their rights. They included processed seafood, pasta, beans, fruit jam, juice, soybean sauce, chemical products, kitchenware, house appliances, electric motors, steel plates, stainless steel, musical instruments and fishing gear.
Miss Pimchanok said the suspended GSP that would take effect on April 25, 2020, would raise the cost of Thai exports by US$50.33 million because of 4.5% tariffs.
The tariffs would reduce the value of affected Thai exports by US$28.8-32.8 million, accounting for 0.01% of the total value of Thai exports, she said.
Miss Pimchanok said hardest hit exports would be consoles, tables, motorcycles, spectacles, wind protection glasses, vulcanized rubber tubes, lavatory sinks, air and liquid pumps, epoxy resin, cereal-based seasonings, and pneumatic tyres because more than 50% of the exports depended on GSP. (TNA)
