Thailand's exports expand 17 percent in 2021

Containers are loaded at a port in Bangkok (Photo: AFP/VNA)

Bangkok (VNA) – Thailand's exports rose by 24.2 percent year-on-year in December 2021, helping the country's growth in the year as a whole hit 17.1 percent, the highest in 11 years, reported the Bangkok Post.

Minister of Commerce Jurin Laksanawisit revealed that customs-cleared exports tallied 24.9 billion USD last month, with imports increasing by 33.4 percent to 25.3 billion USD, resulting in a trade deficit of 354 million USD.

For the entire year, Thailand's exports expanded by 17.1 percent to 271 billion USD, while imports rose by 29.8 percent to 268 billion USD, resulting in a trade surplus of 3.57 billion USD.

Jurin explained that such a strong expansion during a COVID-19 outbreak can be attributed to import acceleration in many countries to stock up prior to the holiday season; an improved environment related to the semiconductor shortage; and the implementation of the Thai Ministry of Commerce's export promotion plan.

At the same time, foreign demand and global trade volumes improved in line with the world's economic recovery. Moreover, depreciation of the baht and high crude oil prices helped increase competitiveness and the value of related export products, he added.

The Ministry of Commerce predicts the country's exports to grow 3-4 percent to 270-282 billion USD this year./.

VNA