USEFUL ARTICLES

Thai Exports in August Expanded by 8.93%, Expected to Continue Growing Throughout the Year

October, 8 2021

Export Performance in August

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit announced Thailand's trade figures, joined by key officials from the Ministry of Commerce.

• Exports: $21.976 billion (+8.93%)
• Imports: $23.191 billion (+47.92%)
• Trade Balance: Deficit of $1.215 billion

Key Factors Supporting Export Growth in August

1. Proactive measures from the Ministry of Commerce, ensuring consistent efforts to resolve trade challenges.
2. Global economic recovery, with 2021 expected to see the fastest global economic growth in 50 years.
3. Manufacturing PMI Index, remaining positive for the 14th consecutive month.
4. Depreciation of the Thai Baht, enhancing Thailand's price competitiveness in global markets, leading to increased export sales.

Observations on Trade Growth

1. Vietnam’s exports declined by 1.7% in August due to COVID-19 disruptions.
2. Thailand's growth in August was lower than in July, affected by a new COVID-19 wave, lockdowns, factory closures, and logistics disruptions. However, quick response measures helped increase August's exports to 715.4 billion THB from 708.6 billion THB in July.
3. Cumulative exports (Jan-Aug) grew by 15.25%, surpassing the 4% target, and if excluding oil, gold, and military goods, the growth rate stands at 21.22%.
4. Agricultural exports surged by 45.5%, with strong demand from Malaysia and the UAE, highlighting Thailand's increasing role in the global fruit market.

Future Outlook

• Rice exports rebounded, growing 25.44% in August as global demand increased. Monthly rice export volumes increased from 700,000 tons in July to 800,000 tons in August.
• Exports continue to be a key driver for Thailand’s economy, generating national income, supporting infrastructure projects, and contributing to economic recovery efforts.
• The Trade Policy and Strategy Office (TPSO) projects that exports will exceed the 4% target, driven by global economic recovery and easing lockdowns.

Source: Department of Foreign Trade