Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back in China.
The Deputy Prime Minister and Commerce Minister, Phumtham Wechayachai, shared this strategy during an interview with Bloomberg News in Bangkok.
“The world is changing. We have to think about new ways of selling things.”
He confirmed that the influencers would be incentivised via profit-sharing agreements for their promotional efforts. This new initiative follows a dip in exports to China in 2022, the first decline in seven years, leaving the United States as Thailand’s leading export market.
The Thai government recognises the importance of export growth in achieving Prime Minister and Finance Minister Srettha Thavisin’s aim of increasing the country’s annual economic output to 5% during his term.
This target presents a challenge for Thailand, a country whose growth has averaged a mere 1.8% over the past decade due to a combination of political instability, military coups, and reduced investor confidence. The nation’s economic performance lags behind regional competitors, including Vietnam, Malaysia, and Indonesia.
In 2023, Thai exports saw a contraction of 1%, following a growth of 5.4% in the previous year. The Ministry of Commerce set a working target of 1%-2% export growth for 2024, while the Ministry of Finance expects a 4.2% rise in the sector that typically contributes to approximately half of the country’s GDP.
A parallel initiative is underway to promote local products and tourist destinations through product placements in an upcoming boys’ love television series. The government has enlisted the help of two popular Thai actors, Phakphum Mile Romsaithong and Nattawin Apo Wattanagitiphat, who enjoy significant popularity across Southeast Asia, China, South Korea, and Japan.
The two actors, along with a pair of girls love actresses, are set to participate in a Pride Month event in June. Phumtham Wechayachai anticipates that this collaboration will generate about 2 billion baht (US$560.8 million) of economic value, reported Bangkok Post.
