Thailand Seeks To Slash U.S. Trade Surplus To $20 Billion

Thailand aims to reduce its trade surplus with the U.S. to $20 billion by increasing imports of American products, an industry ministry official said, Kitiphong Thaichareon and Orathai Sriring reported the news for Reuters.

Thailand had a trade surplus of $35.4 billion with the U.S. last year. I Photo: Hutchison Ports Thailand

The U.S. was Thailand's largest export market last year, accounting for 18.3% of total shipments, valued at $54.96 billion.

Passakorn Chairat, head of the Industry Ministry’s Industrial Economics Office, did not specify a timeframe for the surplus reduction but stated in a briefing that the government would increase imports of agricultural products such as corn, soybeans, and ethylene, which could impact domestic producers.

According to the Commerce Ministry, Thailand had a trade surplus of $35.4 billion with the U.S. last year, while Washington reported its trade deficit with Thailand at $45.6 billion.

Passakorn said the Thai government had discussed strategies to address U.S. tariffs. "The information was shared at a meeting today," he told Reuters.

U.S. President Donald Trump has set a deadline for next week for federal agencies to complete comprehensive reviews of various trade issues, including analyses of persistent U.S. trade deficits.

Finance Minister Pichai Chunhavajira recently stated that newly imposed U.S. tariffs would affect Thai exports of auto parts.