Thai exports set to enjoy healthy growth in 2Q22

  • Despite a spate of global uncertainties, Thai exports are expected to perform well in the 2Q22, with year-on-year growth of 3.5-5%, according to the Thai National Shippers’ Council (TNSC).
  • The TNSC is maintaining its export growth forecast at 5%, slightly higher than the Commerce Ministry’s target of 3-4% for 2022.
  • The customs-cleared value of Thai exports in Mar 22 grew by 19.5% y/y to USD28.8bn, the highest level attained since records began in 1991, with imports increasing 18% to USD27.4bn, resulting in a trade surplus of USD1.45bn.
  • Products with strong growth in Mar 22 included goods that benefited from the rise in energy and commodity prices such as iron, steel, crude oil, and refined oil.
  • Even with the surge in Mar 22, the TNSC remained concerned about the prospects of certain key industries such as automobiles, auto equipment and parts, as well as rubber products. Exports in these two sectors fell by 10% and 13.4%, respectively, in Mar 22.

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