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Thailand’s cross-border trade projected to grow 9 percent this year

The Thai government expects cross-border trade to expand by as much as 8-9 percent this year, propelled by the global economic recovery, baht weakening, and ongoing efforts by the Commerce Ministry to speed up the reopening of border checkpoints, as well as cooperation with the private sector.
Tran Ngoc Quang
Thailand’s cross-border trade projected to grow 9 percent this year ảnh 1A street in Bangkok (Photo: AP)

Bangkok (VNA) – The Thai government expectscross-border trade to expand by as much as 8-9 percent this year, propelled bythe global economic recovery, baht weakening, and ongoing efforts by theCommerce Ministry to speed up the reopening of border checkpoints, as well ascooperation with the private sector.

Thai Minister of Commerce Jurin Laksanawisit recently saidthat overall cross-border trade, including transit trade, is likely to grow by8-9 percent this year, up from an estimate of 4-5 percent made lastmonth.

Jurin said cross-border trade, including transit trade, tallied 1.42 trillion THB (42.5 billion USD) in the first ten months of 2021, postinga year-on-year surge 31.7 percent. Of the total, exports made up 860 billion THB,up 37.4 percent, while imports rose 23.9 percent to 564 billion THB.

Last year, overall border trade, including transit trade, declined 1.7 percent from 2019 to 1.31 trillion THB. Last year's drop wasattributed to the pandemic and border checkpoint closures in an effort to curbthe spread of COVID-19, in addition to the strong baht.

Despite the pandemic, cross-border trade fared quite wellthis year, Jurin said, adding that factors expanding border trade include theglobal economic recovery, baht depreciation, and quick reopening of bordercheckpoints.

Thailand has reopened a total of 48 checkpoints, includingthose at Tak Bai and Buketa in Narathiwat in the middle of last month. Some 49are still closed due to the pandemic.

Another checkpoint expected to reopen soon is Ban Nong Ianin Sa Kaeo province, in the Cambodian border.

Authorities in Nong Khai province are planning to reopenborder with Laos on December 24./.

VNA
#COVID-19 #Thai government #cross-border trade #COVID-19 #border checkpoints #vietnamplus #vietnam news agency Thailand
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