Bangkok (VNA) – Thailand’s Commerce Ministry has vowed to continue ramping up export promotion activities in the remaining months of 2022, with the aim of raising export revenue to 285 billion USD by year-end, hitting the ministry's target and an uptick from 271 billion USD in 2021.

According to Commerce Minister Jurin Laksanawisit, the ministry plans to organise 530 activities to stimulate exports in 2022.

Despite myriad challenges, exports still recorded strong growth this year, with customs-cleared value of exports amounting to 173 billion USD in the first seven months of the year, a rise of 11.5% over the same period last year. Imports also rose by 21.4% to 183 billion USD, resulting in a trade deficit of 9.91 billion USD.

The ministry expects exports will expand well amid global economic uncertainties by diversifying markets. Moreover, global demand for food and agricultural products has continued to grow and Thailand remains a strong producer and exporter.

Supporting factors include the depreciation of the baht, decreasing freight rates, an increase in the number of shipping vessels and containers, and a downward trend in global energy prices, which will lower costs and enable exporters to compete in the global market.

However, inflationary risk and interest rate hikes in trade partner countries as well as geopolitical conflicts may pressure the supply chain worldwide and will have to be monitored, said Jurin.

The ministry is also planning to form deeper trade partnerships through mini-free trade agreements (mini-FTAs) with target cities and provinces in foreign countries.

In the remaining months of this year, the ministry is scheduled to sign mini-FTAs with Gyeonggi province of the Republic of Korea and Shenzhen and Yunnan of China.

The ministry previously sealed five mini-FTAs with Japan's Kofu city, China's Hainan and Gansu provinces, India's Telangana state, and Busan of the RoK./.