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Thailand’s cross-border trade forecast to increase by 5%

Despite slower economic growth in neighbouring countries and zero-COVID measures in China, Thailand's cross-border trade is still expected to grow by at least 5% this year to 1.8 trillion THB (49.24 billion USD), driven by greater demand for gasoline, edible oil, tyres and auto parts.
Thailand’s cross-border trade forecast to increase by 5% ảnh 1Illustrative image (Photo: Bangkokpost)
Bangkok (VNA) – Despite slower economicgrowth in neighbouring countries and zero-COVID measures in China, Thailand'scross-border trade is still expected to grow by at least 5% this year to 1.8trillion THB (49.24 billion USD), driven by greater demand for gasoline, edibleoil, tyres and auto parts.

Pitak Udomwichaiwat, Director-General of the ThaiForeign Trade Department, said the department remains bullish on border tradeprospects after a recent joint meeting with representatives of the Thai Chamberof Commerce, the Federation of Thai Industries and commercial ambassadors inCambodia, Laos, Myanmar, Vietnam and China to evaluate the border tradesituation in the second half, according to the Bangkok Post.

However, the meeting noted slower economic growth inneighbouring countries such as Laos and Myanmar, while the impact of stringent measuresat China's key border checkpoints as part of its zero-COVID policy might posekey threats to cross-border trade.

The department recently reported overallcross-border trade (including transit trade) totalled 150 billion THB in July,up 1.85% from the same month last year.

Of the total, exports declined by 2.58% to 87.7billion THB, while imports rose by 8.79% to 62.4 billion compared with the sameperiod last year. Thailand enjoyed a trade surplus of 25.2 billion THB in July.

In the first seven months of this year, Thailand'sborder and cross-border trade tallied 1 trillion THB, up by 2.98% compared withthe same period last year.

Exports contributed 595 billion THB, up by 0.61%from the first seven months of last year, with imports worth 405 billion THB,up by 6.65%.

As of Aug 24, with the easing of COVID-19 outbreaks,Thailand had opened 60 of its 97 total border checkpoints./.
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