The ongoing riot in Egypt should affect only a little the Thai export sector and might be an opportunity for Thailand to export more food products, according to Deputy Commerce Minister Alongkorn Ponlaboot.
Mr Alongkorn stated that Thailand might turn the crisis into an opportunity by exporting more food products to Egypt and its neighboring countries which should need to stock more food in case of a prolonged crisis.
The deputy minister cited the ministry’s initial assessment as showing that about 5-10% of the Thai trade with Egypt has been affected. Thai exports to Egypt in 2010 were totally worth 767.7 million USD, accounting for 0.4% of the country’s exports.
Mr Alongkorn indicated that there were not many Thai restaurants in Egypt and the overall bilateral trade should not be much affected. He said the office of commercial affairs in Cairo was supplying situation reports continuously.
Earlier, many core figures of the Bank of Thailand have confirmed that the riot in Egypt would not affect the Thai economy directly since economic fundamentals of Thailand are strong; however, it would cause some psychological impacts on investors and the financial market.