Thailand expects 8% increase in exports
Thailand’s Minister of Commerce Jurin Laksanawisit has expressed confidence that the country’s exports could expand by up to 8% this year after robust growth in the first nine months.
Containers are stacked at Bangkok Port. (Source: BangkokPost)Key supporting factors for Thailand’s export growth include the resumption of global economic activities after the lifting of COVID-19 restrictions, resulting in higher demand, especially for food and industrial goods, gems and jewellery, garments and textiles, travel equipment and cosmetics.
The shortage of semiconductors has started to ease, while the depreciation of the baht has made Thai farm exports, especially rice, more competitive in the global market, but there was still a risk of a slowdown in trading partner economies, Jurin said.
The Ministry of Commerce aims to organise 530 events to facilitate exports this year, including 345 events planned for the second half of 2022.
Thailand’s exports grew by 7.8% to 24.9 billion USD in September, following a 7.5% year-on-year uptick in August and a 4.3% increase in July.
In the first nine months of this year, the country’s exports expanded by 10.6% to 221 billion USD, while imports rose by 20.7% to 236 billion USD, resulting in a trade deficit of 15 billion USD./.
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