Deputy Prime Minister and Minister of Commerce Suphajee Suthumpun said Thailand is targeting double-digit export growth for the full year, with exports expected to reach 12 trillion baht, as the government seeks to strengthen economic growth amid a slowdown in the second quarter.

Suphajee said the latest 1.9% year-on-year GDP growth in the second quarter of 2026 was below expectations. However, exports have remained a key driver of economic activity, with first-half exports reaching approximately 6 trillion baht.

“Regarding GDP, while growth declined from the first quarter due to the full-scale war in the second quarter, resulting in higher energy and some living costs, exports have remained strong,” Suphajee said.

She said exports are expected to maintain double-digit growth throughout the year and make a significant contribution to the Thai economy, provided there are no unforeseen developments.

The minister also pointed to strong growth in private-sector investment, saying the government has a responsibility to remove obstacles and create opportunities for businesses.

“We need to ensure that investment creates more jobs and strengthens domestic supply chains,” she said.

On tourism, Suphajee said foreign tourist spending generated approximately 780 billion baht during the first half of 2026. She expects full-year tourism revenue to reach at least the same level as last year.

Regarding the proposed “Thai Travel Plus” tourism stimulus scheme, she said the government is currently considering the budget, which could come from either an emergency loan decree or the central budget.

The government is also developing the project's guidelines and eligibility conditions, with a focus on maximizing benefits for businesses and ensuring tourism revenue is distributed as widely as possible within local economies.

“We are currently designing the project. The main mechanism will likely be the ‘Pao Tang’ digital wallet system,” Suphajee said.

Although there had been speculation that the scheme might not be launched until after August, she said the government aims to begin the program in October, following the conclusion of the “Thai Chuay Thai Plus” initiative.

On international trade, Suphajee said a government delegation is preparing to travel to the United States at the end of August for negotiations on the Trade Agreement (ART) and to address issues related to Section 301, including concerns over forced labor and overcapacity or surplus production.

She said more than 72% of Thai goods exported to the US are currently exempt from tariffs, leaving around 28% of exports requiring further management.

“We are confident that we can manage the situation and do not want entrepreneurs to be overly concerned,” Suphajee said.

The minister emphasized that the government would continue working to protect Thailand's export competitiveness while opening new opportunities for businesses and ensuring that trade and investment contribute more broadly to domestic economic growth.

The Better News English