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Thai Exports in 2021 Grew by 16%, Surpassing Expectations

November, 26 2021

October 2021 Exports Grew by 17.4%, Marking 8 Consecutive Months of Growth

Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, announced that Thailand's export value in October 2021 reached $22.74 billion (750.02 billion baht), a 17.4% increase compared to the same month last year. This marks eight consecutive months of export growth since March 2021.

Excluding oil-related products, gold, and military goods, the growth rate stood at 12.2%.

Despite ongoing challenges from the COVID-19 pandemic, the global economic recovery has driven strong demand from Thailand’s trading partners, reflected in continued growth in both agricultural and industrial products.

2021 Full-Year Export Growth Expected at 15-16%

The Ministry of Commerce projects that Thailand’s average monthly export value for the remaining two months of 2021 will be around $22.74 billion, leading to an annual export growth rate of 15-16%. The total export value is expected to reach $266.38-$268.70 billion, far exceeding the initial forecast of 4% growth.

Key Factors Driving Thai Export Growth in 2021

1. Continued Global Trade Expansion into Q4 2021, supporting Thai exports.
2. Baht Depreciation enhances the price competitiveness of Thai products.
3. Easing of Lockdowns and Border Reopenings in many countries, boosting trade demand.
4. Rising Global Oil Prices, driving higher export values for petrochemical products, plastic resins, and chemicals.
5. Improved Border Trade Conditions, as key trade checkpoints resume operations, facilitating cross-border trade.

Thailand’s Export Promotion Plans

1. Strengthening the "Market-Led Production" Strategy

   • Enhancing Thailand's cassava exports to maintain its global market leadership.
   • Implementing the 2021-2027 Thai Cassava Industry Strategy to promote agricultural exports.

2. Accelerating the Implementation of RCEP (Regional Comprehensive Economic Partnership)

   • Thailand has completed the ratification process, and once RCEP takes effect, Thailand's trade value is expected to rise further.

3. Reopening Key Trade Checkpoints

   • Reducing export obstacles caused by COVID-19 and facilitating cross-border trade.

4. Maintaining Existing Markets, Expanding into New Markets, and Recovering Lost Markets

   • Through the Ministry of Commerce, International Sales Teams (Salesman Country), and the Government-Private Sector Joint Trade Committee (กรอ.พาณิชย์), Thailand aims to sustain long-term export growth alongside the global economic recovery.

Outlook for Thai Exports in 2022

The Ministry of Commerce will assess the 2022 export outlook in collaboration with relevant sectors to determine growth targets and strategies.