China's fast-growing e-commerce market has provided potential benefits to Thai businesses with its cross-border trade boom, a Thai Commerce Ministry study showed on Tuesday.
The Chinese government has implemented regulations and set up 165 pilot cross-border e-commerce (CBEC) zones in 33 cities and areas. These zones facilitate the sale of Chinese products on foreign websites and the sale of foreign products on Chinese websites, according to the study released by the ministry's Trade Policy and Strategy Office (TPSO).
Trading through the CBEC is key to tapping into Chinese markets. It will help Thai entrepreneurs increase their opportunities due to its tax benefits as well as faster and simpler customs procedures, said Poonpong Nainapakorn, director of the TPSO, in the report.
Entrepreneurs should examine the legal, geographical and cultural factors of their target customers in China, Poonpong noted, adding that effective communication with prospective customers requires matching the platform to the product.
According to the report, citing China's Customs data, the value of imports and exports through the CBEC reached 150 billion U.S. dollars in the first half of 2023, representing a 16-percent year-on-year growth.