2 weeks Ago
The Export-Import Bank of Thailand (EXIM Bank) has launched five support measures aimed at assisting Thai entrepreneurs affected by the US reciprocal tariff rates, a deputy government spokeswoman said on Sunday. Sasikarn Wattanachan said around 3,700 Thai SMEs are expected to be impacted by the US’s sweeping new trade policy, with export losses estimated at around 7.6 billion dollars, citing data from the Office of Small and Medium Enterprises Promotion.
The five relief measures introduced by EXIM Bank include: 1. Establish an Export Clinic to support affected importers and exporters with financial relief measures, including debt repayment extensions of up to 365 days, liquidity assistance, and reduced interest rates. 2.
Provide assistance and guidance to entrepreneurs, including information related to the US reciprocal tariff, its potential impacts, and strategies for managing business operations under the current circumstances. 3. Support entrepreneurs, especially SMEs, in expanding into new potential markets.
EXIM Bank offers loans for participating in international trade shows and promoting exports. It also provides export credit insurance, covering up to 75% of losses in cases where foreign buyers fail to make payments. 4.
Support the import of goods from the US without negatively impacting domestic entrepreneurs and in accordance with future government policies. 5. Support Thai entrepreneurs in making additional investments in the US.
In 2024, Thailand's exports were valued at about 300 billion dollars, with 18% — or approximately $54.96 billion — destined for the US market. “These measures reflect the government’s efforts to support Thai businesses, ensuring they can navigate the challenges of international trade,” said Ms Sasikarn.
“We remain confident in the potential of Thai entrepreneurs and are committed to providing all necessary assistance to ensure that Thailand remains competitive and resilient on the global stage.”.
