Mr. Jong Juea, Vice President of HFT (Thailand) Company Limited, announced that the company is focusing on expanding its export market to the United States and Europe as part of its business plan for the fiscal year 2568 (2025). With these regions viewed as high-potential growth markets, HFT is making necessary adjustments to its marketing strategies while seeking potential business partners to broaden its customer base and boost sales.
To address environmental concerns, the company is committed to sustainable organizational development. Mr. Jong explained that they are planning the installation of biomass boilers in their factories, which is set to be completed by the early part of fiscal year 2569 (2026). This initiative aims to reduce carbon dioxide emissions by approximately 6,500 tons and reflects HFT's determination to engage in environmentally friendly practices.
Additionally, HFT has successfully installed solar roofs at both factories, allowing them to generate their own electricity. This move will lead to a reduction in energy consumption by about 15-20%. The company has received Renewable Energy Certificates (I-REC) as part of its commitment to achieving 100% renewable energy usage, joined by their membership in the Thai Renewable Energy Association (RE100), which underscores their dedication to sustainable energy practices.
For the fiscal year 2568, HFT expects a revenue growth of 5-10%, backed by a recovery in customer demand domestically and internationally. The company primarily produces bicycle tires and inner tubes, along with products for motorcycles and small transport vehicles such as carts, forklifts, tractors, tuk-tuks, and golf carts. Mr. Jong stated, “The company anticipates that in fiscal year 2568, revenues will increase due to ongoing customer demand recovery, resulting in a more robust sales environment.”
Reflecting on the previous fiscal year, which ended on September 30, 2024, HFT reported a total revenue of 3,024.43 million baht, representing a 14.16% increase from the previous year's 2,649.29 million baht. Profits rose substantially as well, with net profits reaching 373.33 million baht, up by 49.41% from last year's 249.87 million baht.
In another analysis, the Krungthai Compass research center at Krungthai Bank forecasts a 14% growth in Thailand's exports for February 2025 amidst a resurgence in trading with major partners. This growth is partially attributed to temporary factors that encourage import purchases, such as avoidance of tax increases in the U.S. Manufacturing figures also reinforce this trend, with the Purchasing Managers' Index (PMI) for imports advancing to 52.6, up from 51.1 in the previous month.
The analysis highlights that the Manufacturing PMI has improved to 50.6 in February 2025, compared to the previous month's figure of 50.1, indicating that production globally is gaining traction as economies recover.
Yet, caution is advised regarding the upcoming announcement of Reciprocal Tariffs in April 2025. Thai products could face challenges due to significant tariff discrepancies that have created imbalances with the U.S. market. Key items at risk of tariffs include hard disk drives (HDDs), semiconductors, solar cells, and air conditioners — some of the top six products for Thailand's surplus with the U.S.
This poses a potential risk to Thailand’s overall exports because the U.S. is a crucial market that accounted for 18.3% of Thailand's export value in 2024, reflecting a year-on-year increase of 13.7%.
The impact of the ongoing trade war remains a significant concern for Thailand's exports. Historically, the export momentum increased prior to tariff implementations during previous trade tensions, yet a downturn followed once tariffs were enacted. Experts warn that similar patterns may emerge with current trade dynamics.
While Thailand’s exports experience a current surge, this growth might only be temporary unless strategic measures are taken to ensure longer-term stability. Expanding into the Chinese market and exploring regional opportunities may offer pathways to mitigate risks stemming from potential tariff impositions and competition.
The recommendation for Thailand is to elevate its Free Trade Agreement (FTA) negotiations, particularly in relation to initiatives with China. Since the implementation of FTAs in December 2018, the country has struggled to maintain competitive export levels. Therefore, reassessing FTA objectives and focusing on comprehensive agreements may become vital for sustaining export growth.
The dual emphasis on environmental sustainability in HFT's operations and the broader context of Thailand's export dynamics illustrates not only the country's evolving economic landscape but also the intricate balance between business growth and ecological responsibility.
