USEFUL ARTICLES

Thai Exports in September 2021 Continued to Grow by 17.1%

November, 5 2021

Thailand's imports in September 2021 were valued at $22.43 billion, expanding by 30.3%, resulting in a trade surplus of $609.8 million. For the first nine months of 2021, total exports amounted to $199.99 billion, with a cumulative trade surplus of $2.02 billion.

Key Export Sectors with Strong Growth Potential

1. Agricultural and Food Products – Especially rice, cassava products, rubber, palm oil, sugar, pet food, and food seasonings.
2. Work-from-Home & Home Appliances – Including computers and components, radios, televisions and accessories, microwaves, air conditioners and parts, telephones, and accessories.
3. COVID-19 Prevention & Medical Products – Such as medical devices, equipment, and pharmaceutical products.
4. Intermediate Goods & Raw Materials – Including steel, iron, chemical products, plastic resins, rubber products, electrical circuits, and industrial machinery.
5. Durable Goods & Luxury Items – Such as automobiles, parts, gems, and jewelry (excluding gold), which continued to perform well.

Factors Driving September's 17.1% Export Growth

Despite COVID-19 challenges and manufacturing lockdowns, Thai exports remained robust due to:

1. Concrete Export Promotion Strategies

   • 130 export promotion activities were successfully implemented in the second half of 2021.
   • Opening new markets in the Middle East, Africa, and Latin America.
   • Resolving key logistics issues, such as container shortages and border clearance between Thailand-Vietnam and Thailand-China.

2. Improving Global Economy

   • WTO revised global GDP growth forecast from 8% to 10.8%.
   • Easing lockdown measures and economic stimulus policies in many countries have benefited Thai exports.

3. Weakening Thai Baht

   • A weaker baht enhances export competitiveness in the global market.

4. Rising Crude Oil Prices

   • Higher production costs, but also higher export value for oil-related products.

5. Strong Thai Private Sector

   • Industrial production rebounded quickly despite lockdowns.
   • Raw material and capital goods imports rose 33%, signaling continued export growth.

The Ministry of Commerce remains confident in sustained export growth in the coming months.