Bài báo này nhằm mục đích trình bày những nỗ lực của chính phủ Thái Lan trong việc phát triển các chiến lược thương mại với các khu vực khác trên thế giới. Đầu tiên là thảo luận về vị thế thương mại của Thái Lan, thông qua các khái niệm về LCCS và lịch sử thương mại. Tiếp theo, các lợi thế so sánh và cạnh tranh mà Thái Lan sử dụng để định vị mình trên thị trường toàn cầu sẽ được trình bày. Các tác giả sẽ xem xét các chính sách của Thái Lan liên quan đến thuế quan, trợ cấp, hạn ngạch, ngoại biên và FDI bằng cách chỉ ra những ảnh hưởng của chúng, cả tích cực và tiêu cực, đối với nền kinh tế Thái Lan. Cuối cùng nhưng không kém phần quan trọng, một số đề xuất nhằm giúp Thái Lan khắc phục hậu quả và phát triển thế mạnh của mình trong thương mại quốc tế cũng sẽ được đề xuất. Phân tích được hỗ trợ bởi các nguồn học thuật và phi học thuật chính xác có liên quan đến kinh doanh quốc tế.
Trade Flows and Related Government Policies towards Low-cost Country Sourcing: A Case of Thailand Executive Summary Thailand is known to be not only a LCCs but also a BCCs thanks to both its low-price level and qualification of products For a long time, it has proudly stayed in the third position in global LCC satisfaction amongst Asian countries Thailand has a prosperous trade history when it was an economic and financial center of Asia due to the accurate trade policies such as engaging in trade agreements helped Thailand gain a tremendous profit Seaports were established in coastal cities in early 1945s to facilitate exchange of goods with Eastern countries However, political instability has led to uncertainties in the economy such as the devaluation of government in the 1980s, which led to diminishing national output Fortunately, the Plaza Agreement in 1985 attracted numerous FDI inflows (mainly from Japan), impacting foreign trade improvement Additionally, being a member of ASEAN in 1967 helped Thailand take tariff advantages, narrowed trade barriers, and attracted more FDI, leading to an increase in export and import volume However, the Covid 19 pandemic and political chaos negatively affected Thai’s trade volume Thailand's comparative advantage is industry along with agricultural products such as rice, flour and fruit There are three factors that positively affect the successful development of Thai agriculture: land, labor, and capital However, Thailand is gradually transforming from agriculture into industry to compete with developed and developing countries In the competitive advantages, Thailand has a large semi-skilled labour force with low wages Thailand has a tremendous edge in terms of chance and government role in exporting left-hand drive cars to Australia, New Zealand, Japan, and ASEAN countries with extremely cheap tariffs The automobile industry will be analysed using The Porter Diamond Theory criteria Regarding tariffs, Thailand is recorded to have extremely high tariffs for imported products from non-ASEAN regions while imposing not more than 5% tariff rate and even duty free for intra-ASEAN regions as a CEPT scheme Some obvious pros and cons include domestic goods consumption encouragement and foreign exporters limitations For quotas, depending on the trade agreements signed between Thailand and other countries, the government has made quotas for imported and exported products with different tax rates Currently, Thailand has joined ASEAN and FTAs, the government should consider joining the CPTPP to increase its ability to expand its trade market and overcome the economic consequences of COVID19, as improvements for tariffs and quotas' disadvantages and enhancement for their benefits For subsidies, the outbreak of Covid 19 and political chaos led to the prolonged agriculture subsidy, which resulted in a Thai government budget deficit Therefore, they should consider shifting the cash subsidies to non-subsidies and attempt to minimize the budget for subsidies in this industry Thailand is one of the most attractive places to be invested by many economic superpower countries Offshore investment in Thailand may assist Thai industry produce more effectively and at a lower cost The term of offshoring helps Thailand receive technology transfer and new business approaches Thailand is a country that strongly attracts investment from many foreign enterprises For decades, FDI inflows have always been on an upward trend, mostly from investments in the manufacturing industry Although Thailand is still currently one of the largest FDI attractions in Southeast Asia, the country is facing competition with neighboring countries in terms of LCCS Some suggestions for the Thai government to develop its competitiveness such as building and developing facilities, or improving the qualifications of the workforce have been given, in order to support both domestics and foreign firms, as well as to attract more quality FDI Abbreviation List AFTA ASEAN Free Trade Area ASEAN Association of Southeast Asian Nations BCCs Best-cost country source BCCS Best-Cost Country Sourcing CEPT Common Effective Preferential Tariff CPTPP Comprehensive and Progressive Agreement for Trans-Pacific Partnership FDI Foreign Direct Investment FTAs Free Trade Agreements G&S Goods and services ISI import substitution industrialization LCCs Low-cost country source LCCS Low-Cost Country Sourcing LDC Least Developed Countries MNF Most Favored Nations NESDC National Economic and Social Development Council RCEP Regional Comprehensive Economic Partnership R&D Research and Development SDG Sustainable Development Goals TCO Total Cost of Ownership WTO World Trade Organization Table of Contents Executive Summary Abbreviation List Introduction Purpose Statement - Thailand as LCCS Thailand’s Trade History Comparative Advantage and Competitive Advantage 4.1 Comparative Advantage 4.2 Competitive Advantage Trade Policy 5.1 Tariffs 5.2 Quotas 10 Recommendations for Tariffs and Quotas 5.3 Subsidies Recommendations for Subsidies 10 12 12 5.4 Offshoring 13 5.5 FDI 13 Recommendations for Offshoring and FDI 14 Conclusion 14 References List 15 Appendix 22 Introduction The formation and development of globalization have created many opportunities for countries to be able to exchange and integrate in many aspects such as culture, society, and especially economy when global trade of products and services become busier than ever Regarding developing countries, in the past, trade barriers prevented them from following rapid improvement of global economy Nevertheless, globalization stimulated many of them to begin expanding their markets and liberalizing their economies by promulgating policies to encourage trade activities Hence, developed countries are encouraged to invest in developing countries, which will create more jobs and alleviate poverty in developing nations (Hamdi 2015; Nijman & Shepherd 2010) This paper aims to present the efforts of Thailand’s government in developing trading strategies with other regions of the world First is a discussion of the trading position of Thailand, through concepts of LCCS and trade history Next, comparative and competitive advantages that Thailand uses to position itself in the global marketplace will be outlined The authors will examine the policies of Thailand related to tariffs, subsidies, quotas, offshoring, and FDI by showing their effects, both positive and negative, on Thailand's economy Last but not least, several suggestions to help Thailand overcome the consequences and develop its strengths in international trade will also be proposed The analysis is supported by accurate academic and non-academic sources which are associated with international business Purpose Statement - Thailand as LCCS When globalization causes tremendous competition in industries, LCCS are always effective ways of achieving cost-saving goals to increase shareholder value while satisfying internal customer-demand with low price-level but adequate quality (Jahns & Bänziger 2002; Koppelmann 2003) According to Monczka and Trent (1991), LCCS is action of globalsourcing (i.e offshore-sourcing, acquiring, integrating and coordinating G&S) from countries with lower comparative production-cost than and culturally/geographically substantial distance from home-country (Kusaba, Moser & Rodrigues 2011) Not just being LCCs, Thailand is potentially a global BCC source (Vu & More 2017) when other countries must take both TCO and risk-management, besides purchasing-price, into consideration when coming to global-sourcing (Siegfried 2013) Specifically, while lower TCO is BCCS’s advantages, country risks include long-term factors, namely environmental, political, socio-demographics, macroeconomics sustainability (Vu & More 2017) Even global procurement-managers can be biased towards LCCs and/or regions perceptions, it is obvious that Thailand ranks third in top highest-evaluated-nations (Lorentz 2015) Thailand also ranked first in quality of products and third in performance-satisfaction (Figure 1) regarding Asian LCCs’s quality and cost-competition (Ruamsook, Russell & Thomchick 2007) Figure LCC’s Overall Satisfaction (Ruamsook, Russell & Thomchick 2007) Thailand’s Trade History Thailand was a prosperous Asia trading center in 19th century because tremendous trading transactions with European and American merchants happened through Treaty-of-Bowringand Treaty-of-Harris (Lord 1966) Until 1945, ports in coastal cities and places with large estuaries were gradually constructed and facilitated to exchange commodities with Persia, Arab countries, India, and China, mainly agricultural products and fabric (Unakul 1961) Throughout 1960s, kingdom's economy flourished due to market-oriented ISI and establishment of several economic organizations such as NESDC in 1959 (Unger 1998) However, Thailand suffered from numerous economic issues such as falling US investment, budget deficits, inflation, and particularly transport network disruption due to two oil crises in Middle East, declining Thailand's transactions by 36% in 1970-1984 (Robinson et al 1991; Jitsuchon 2002) In early 1980s, economic recession happened and led to Thai's government devaluation of national currency, affecting Thailand's trading activities and escalated domestic prices; national output dropped by 10% accordingly (Senasu 1990; Yu & Xu 2001) Fortunately, the Plaza Agreement in 1985 made Thailand's exports more competitive and attract to foreign direct investment inflows (mainly from Japan), and foreign trade improved, leading to outstanding manufactured exports (Senasu 1990; Robinson et al 1991) Engaging in ASEAN in 1967, China FTA in 2002, and FTA ASEAN + Japan in 2008 helped Thailand benefit tariff, minimize trade barriers, and attract more FDI, leading to increasing average rate of export manufacturing industry (12%/year in 2007-2010) (Wongpit 2012) Thailand's export volume, import volume, and term of trade slightly dropped in 2016- 2020 (figure 2; appendix 1) due to Covid-pandemic and Thai political chaos (OECD 2020) Notably, leading export turnover is agricultural industry with two main products: rice and rubber (appendix 2) Thailand's crucial foreign trade partners are Japan, NAFTA, and US during past five years (appendix 3) Figure Thailand’s Import, Export Volume, and Terms of Trade from 2016 to 2020 Source: Bank of Thailand (2021) Comparative Advantage and Competitive Advantage 4.1 Comparative Advantage Comparative advantage refers to economy's ability to produce goods with lower opportunity cost than its trading partners (Ricardo 1917) Thailand is known as agricultural nation with the top third position in exporting rice worldwide in 2021 (Statista 2021) There are factors influencing agricultural development: land, labor, and capital Firstly, total area of Thailand is 510,890km2, which includes 221,100km2 of agricultural land (World Bank 2018) This means that based on the land area, percentage of agricultural land accounted for 43.277%, almost half of Thailand's total land Secondly, total population of Thailand in 2020 is also quite high, approximately 69,799,978 people (World Bank 2020) Lastly, government approved supportive policies to develop country's economy, such as increasing agricultural productivity, distributing equal land use, and educating skill-labor Currently, Thailand is gradually transforming from pure agriculture to heavy industries like car industry 4.2 Competitive Advantage Competitive advantage refers to characteristics that enable firms or industries to function goods or services more effectively in order to compete with competing industries from other nations (Porter, 1990) The Porter Diamond Theory attributes competitive advantages to a number of factors (Liga et al, 2014) One of Thailand's most efficient industries is automotive manufacturing industry; therefore, automobile industry will be analysed using The Porter Diamond Theory criteria In terms of factors, Thailand has a large semi-skilled labour force with low wages These labours might be a valuable resource in assisting Thailand's car industry to become more cost-effective and production efficient (Peter & Archanun, 2017) Thailand has a tremendous edge in terms of chance and government role in exporting lefthand drive cars to Australia, New Zealand, Japan, and ASEAN countries with extremely cheap tariffs (austrade.gov.au, n.d) Hence, Thailand has a significant edge over other nations and right-hand automobile production countries Trade Policy 5.1 Tariffs Simply understood, tariffs are taxes imposed on imported and/or exported goods, being the oldest and longest form of trade policies and generating value for a country (Ferrara et al n.d.; Seppo, Arja & Alan 2016) In 2019, Thailand’s average MFN tariff-rate was 10% ad-valorem, 29% for agricultural and 7% for non-agricultural commodities Joining WTO, Thailand has bound 75% of its tariff lines, while WTO has bound only 28% (ITA 2021) Despite being LCCs, Thailand’s high tariffs in several industries still obstruct US commodities’s entry into Thai-market Imports competing with local-produced commodities levy highest ad-valorem tariff-rate, namely motor-vehicles (80%), motorcycles and clothing (60%), distilled spirits (54%-60%), plastics and restaurant-products (30%) Even MFN tariffs on imported food goods record 30%-50% These genuinely restrict US and foreign-exporters’ ability to compete in Thai-market, shielding domestic goods (export.gov 2019) Being part of AFTA - a “tool” to promote ASEAN area’s competitive-advantage in production upon global market (ASEAN 2012) by not imposing common external tariffs on imported commodities, ASEAN members only have tariffs on goods imposed from outside ASEAN Besides, LDC are granted with preferential trade-agreement by Thailand (Santander 2021) For 99% products within ASEAN, its members only apply 0-5% tariff rate, as known as CEPT scheme (Chaipan, Nguyen & Ezaki 2006) Thanks to that, nation’s benefits from being AFTA member include trade liberalization by eliminating tariff barriers, GDP and economic improvement in region, long-term competition with aforementioned factors, diversified and qualified commodities, and encouragement to domestic consumption However, limitations appearing are AFTA’s commitments to outtra-ASEAN regions since it only focused on intra-ASEAN generally and Thailand specifically, with extremely low ASEAN share in global trade of 1.3% (WTO 2019) Clearly, with hefty taxation on imported commodities from non-ASEAN regions, such regions might face much less incentives while their products become much more costly in Thai-market, eventually affecting and reducing trade liberalization and customer demand in Thailand (Chaipan, Nguyen & Ezaki 2006; Andrew 1996) 5.2 Quotas A quota is a maximum limit on the volume or value of goods allowed to be imported or exported during a period (Gandolfo 2013) There are quotas applied in Thailand for some imported commodities with specific quantities and associated taxes Thailand will impose different taxes on a specific product for different countries, depending on trade agreements between both For example, because Thailand and Myanmar signed AFTA, Myanmar received zero tariff and unlimited import corn into Thailand from 1st February to 31st August 2019 Meanwhile, due to no FTAs, US pays 20% in-quota tariff and 73% out-of-quotas with corn quota of 54,700 metric tons (Prasertsri 2019) From that, government can control the number of goods imported and exported into Thaimarket and protect domestic products as well as domestic companies from high competition with foreign goods and large foreign companies Both are advantages of quotas for Thaieconomy Regarding barriers, government also requires import licenses and complicated entry forms including packing lists, commercial invoices, and airway bills (Thailand-Import Requirements-and-Documentation 2019) As a result, because there are not many products, Thais will have fewer shopping options, which can be detrimental to their quality of life Recommendations for Tariffs and Quotas Although Thailand signed FTAs, AFTA, and RCEP, government should consider joining more world trade organizations A good recommendation is the CPTPP which is FTA as a new generation with 11 members There are two main reasons: trade expansion, post-Covid-19 recovery Firstly, top export and import partners of Thailand include Japanese market, and Japan is a member of CPTPP (figure 3) Therefore, Thailand will have beneficial trade policies and preferential tax rates with Japan via the CPTPP to boost export quotas Importantly, due to COVID19 spread, figure shows Thailand's economy suffered a serious loss, exports of G&S (%-of-GDP) significantly reduced, from 64.856% in 2018 to 51.43% in 2020 (World-Bank-2020) Therefore, commerce vice-minister Sansern Samalapa said if Thailand denies participating in this agreement, they may lose economic opportunities and trade competitiveness (WTO2021) Meanwhile, government may have to adjust legal system to comply with new 10 On the other hand, Thailand is losing competitiveness to neighbouring Laos, Cambodia, and Vietnam, which are becoming potential FDI destinations thanks to low-cost and low-skilled labor Additionally, as a developing country, in COVID19 era, Thailand’s FDI inflows strongly decreased, as a result of suspension of many MNEs (OECD 2020) Recommendations for Offshoring and FDI Thailand is facing many problems related to infrastructure, mostly because of improper financial distribution (Thapanont, Santi & Pruethipong 2018) Therefore, Thailand should continue to apply the above policies to make profits, thereby, using profits more reasonably to develop facilities, such as a well-organized transportation network (seaport, railway, airport, etc.), or a sufficient energy supply system A good example is China, which has built a dense logistics system, both domestic and foreign, to promote fast and efficient goods transportation, and made it to be the busiest global trade country in Asia (Jiang et al 2017) In addition, Thailand should also focus on developing its competitiveness in manufacturing sector, by developing quality of workforce (OECD n.d.) 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area of Thailand (Source: The World Bank 2021, Unit: sq km) Appendix the agricultural land in Thailand from 2000 to 2018 (Source: The World Bank 2021, Unit: % of land area) 26 Appendix 10 the agricultural land in Thailand from 2000 to 2018 (Source: The World Bank 2021, Unit: sq km) Appendix 11 The Total Population of Thailand from 2000 to 2020 (Source: The World Bank 2021, Unit: millions of people) 27 Appendix 12 Auto Parts Tariffs Across Countries Appendix 13 Thailand FDI by country and industry in 2019 (Santander 2021) 28 ... construction projects in Thailand’, MATEC Web of Conferences, vol 192, pp 2014 The World Bank 2018, Agricultural land (% of land area) - Thailand | Data, The World Bank, Thailand, viewed 10 August... Appendix the total land area of Thailand (Source: The World Bank 2021, Unit: sq km) Appendix the agricultural land in Thailand from 2000 to 2018 (Source: The World Bank 2021, Unit: % of land area) 26... fileName=Impact%20of%20Thailand%27s%20Free%20Trade%20Agreements%20with %20Australia%20and%20New%20Zealand%20on%20US%20Dairy%20Exports%20to %20Thailand_Bangkok_Thailand_01-22-2021> Statista 2021,