Thailand targets export growth at 3-4 percent for 2022
The Commerce Ministry of Thailand has set next year’s export growth target at 3-4 percent, slightly lower than projections by private organisations.
Thailand looks to achieve export growth of 3-4 percent in 2022 (Photo: NNT)This ministry cited a spate of persistent risk factors such as prolonged COVID-19 outbreaks, stiffer measures for public health and the environment, and a shortage of labour and semiconductors, local media reported.
The growth target from this year’s estimated 268.3 billion USD (up 16 percent from 2020) is based on a warning by the Organisation for Economic Cooperation and Development (OECD) that a renewed wave of the pandemic threatens to add to the existing pressure on the world economy, Commerce Minister Jurin Laksanawisit said on December 27.
He noted that next year's export growth will be driven largely by the economic recovery of Thailand's important trading partners, a favourable exchange rate at 32-33 THB per USD, rising Dubai crude oil and agricultural product prices, as well as an increase in container production.
Another booster is the implementation of the Regional Comprehensive Economic Partnership (RCEP) early next year, he said, adding that cross-border trade is also expected to see continued strong growth of 5-7 percent in 2022, with exports from Thailand estimated at 1.07-1.08 trillion THB.
Meanwhile, Chairman of the Thai Chamber of Commerce Sanan Angubolkul, as the representative of the Joint Standing Committee on Commerce, Industries and Banking (JSCCIB), said the committee has forecast an export growth rate of 3-5 percent for 2022, slightly higher than the commerce ministry's prediction mainly because of the Thai baht's depreciation and the cooperation between the government and the private sector./.
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