Thailand targets reduction in US trade surplus to $20 billion

BANGKOK (Reuters) -Thailand is aiming to reduce its trade surplus with the United States to $20 billion by importing more U.S. products, an industry ministry official said on Friday.

The United States was Thailand's largest export market last year, accounting for 18.3% of total shipments, or $54.96 billion.

Passakorn Chairat, head of industry ministry's industrial economics office, gave no timeframe for the surplus reduction but told a briefing the government would increase imports of agricultural products such as corn, soybeans, and ethylene, which may affect domestic products.

The commerce ministry has said Thailand had a trade surplus with the United States of $35.4 billion last year, while Washington has put its deficit with Thailand at $45.6 billion.

Passakorn said the Thai government had discussed preparing a strategy to handle U.S. tariffs.

"The information was shared at a meeting today," he told Reuters.

U.S. President Donald Trump has set a deadline of next week for federal agencies to complete comprehensive reviews of a range of trade issues, including analyses of persistent U.S. trade deficits.

On Thursday, Finance Minister Pichai Chunhavajira said Thai exports of auto parts will be affected by newly imposed U.S. tariffs.

(Reporting by Kitiphong Thaichareon, Writing by Orathai Sriring; Editing by Martin Petty)