Thai exporters see robust growth as global demand recovers

  • Commerce Minister Jurin Laksanawisit has expressed confidence that Thai exports could expand by up to 8% in 2022 after robust growth in the first nine months.
  • Key supporting factors for Thai export growth include a resumption of global economic activities after the lifting of Covid-19 restrictions, resulting in higher demand.
  • The shortage of semiconductors has started to ease, leading to rising shipments of automobiles, while the depreciation of the THB has made Thai farm exports, especially for rice, more competitive in the global market.
  • There is still risk of a slowdown in trading partners economies are a result of high inflation and monetary tightening, and this should be monitored.
  • Mr Jurin said the ministry is committed to continuing to ramp up export promotion activities to facilitate Thai shipments in the remaining months of 2022.
  • Exports grew by 7.8% in Sep 22 to THB888bn following a 7.5% y/y uptick in Aug 22 and a 4.3% increase in Jul 22. Thai exports in the real sector rose by 9% in Sep 22 y/y, easing from a 10.1% rise in Aug 22.
  • Major contributors were shipments of industrial products, especially automobiles, computers and electronics, driven by the regional rebound in the supply of processor chips and the resulting acceleration in production to compensate for the previous shortage.
  • Imports in Sep 22 increased 15.6% y/y to USD25.8bn resulting in a trade deficit of USD853mn.
  • For the first nine months of 2022, Thai exports expanded by 10.6% to USD221bn, while imports rose by 20.7% to USD236bn, resulting in a trade deficit of USD15bn.
  • Mr Jurin said the country’s export prospects for the remainder of 2022 remain in good shape, while the THB depreciation will continue to benefit exports.

External Link :