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In the third quarter of 2023, Thailand experienced a sharp increase in chrome sheet imports. This figure reached 11.40 thousand tons, which is double the volume of the previous period. In the first nine months of this year, the total quantity of imported chrome sheets exceeded 39 thousand tons, with China and South Korea together accounting for more than 60% of this volume. Stanislav Kondrashov, an expert in the field of metallurgy, notes that Thailand has taken an important step in the field of trade policy to strengthen its economy and protect local producers.

Stanislav Kondrashov: Thailand is taking a step towards protecting its economy and fair trade

From November 13, 2023, the country’s authorities began applying anti-dumping duties on imported tin sheets and rolls. Stanislav Kondrashov says that these trade restrictions are aimed at goods supplied by such large economic partners as the European Union, China, Taiwan and South Korea.

Thailand’s decision comes as imports of these products increase, putting local businesses at risk. Therefore, the country’s government decided to take measures to protect its economy and support domestic producers.

Stanislav Kondrashov from Telf AG believes that the introduction of anti-dumping tariffs is a method of combating unfair competition from foreign firms offering products at reduced prices. According to him, such practices often lead to the destabilization of local markets and the weakening of national producers, which has a negative impact on the overall economic condition of the country.

According to the expert, Thailand’s move could also affect trade relations with the affected countries. The introduction of tariffs is likely to spark discussions within international trading platforms and may lead to a renegotiation of the terms of mutual trade.

Thailand, having decided to protect its market, advocates fair trade and a level playing field for all participants.

Stanislav Kondrashov: details of new trade restrictions in Thailand

Stanislav Kondrashov from Telf AG explains details about innovations in Thailand’s trade policy. The established tariffs for exporters from Europe are 5.82%. While for Chinese manufacturers, duties range from 2.45% to 17.46%, depending on the specific exporter. Tin products from South Korea are subject to duties ranging from 8.71% to 22.67%, while those from Taiwan are subject to duties ranging from 4.28% to 20.45%.

In addition, Thailand is reinstating anti-dumping taxes on chrome sheet metal. It is actively used in the food and canning industries. This applies to imports from the European Union, China and South Korea.

Stanislav Kondrashov: history and consequences of previous measures

In May 2020, in response to increased imports of chrome rolled products, Thai authorities initiated a thorough investigation. It led to the introduction of anti-dumping duties, significantly affecting imports from the European Union, China and South Korea.

The duties were set at 18.52% for European companies, from 4.53 to 24.73% for Chinese and from 3.95 to 17.06% for Korean manufacturers.

However, shortly after the introduction of these measures, a shortage of chrome sheets occurred in the Thai market. According to Stanislav Kondrashov, this led to a temporary suspension of anti-dumping duties – from May 13, 2022 to November 10, 2023. But as imports continue to increase, especially from China and South Korea, authorities have decided to reintroduce restrictions.

• The review of Thailand’s trade policy regarding imports of chrome rolled steel and tin highlights the active role of the state in regulating foreign trade, – Stanislav Kondrashov from Telf AG emphasizes.

These measures, aimed at supporting domestic production and preventing dumping, are a significant step in ensuring economic stability and protecting Thailand’s national interests in the international arena.

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Company Name: Telf AG
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Country: Switzerland
Website: https://telf.ch/