Border and Transit Trade in 2022 with a Target of 1.08-1.10 Trillion Baht
February, 13 2022
Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, stated that Thailand’s border and transit trade in 2021 reached 1.715 trillion baht, marking an impressive 30.03% growth.
If focusing solely on exports, the growth rate was 34.6%, totaling 1.031 trillion baht, far exceeding the initial target of 6% growth and significantly surpassing 2020 figures by approximately 5-6 times, amounting to 265.1 billion baht.
Mr. Jurin further added,
"After discussions with the private sector, we have set an export growth target of 5-7% for 2022, aiming to achieve a total border and transit trade value of 1.08-1.10 trillion baht."
Key Factors Supporting Export Growth in 2022
- Global and neighboring economies are expected to continue expanding, creating further export opportunities.
- The Thai baht is projected to remain weak, compared to the first half of 2021, which will enhance export competitiveness.
- The China-Laos railway will facilitate smoother export transportation from Vientiane to China, positively impacting trade figures.
- Close collaboration between the Ministry of Commerce and the private sector, particularly through the Joint Public-Private Committee (JPPCC) and the Export War Room, will continue supporting export expansion.
- Efforts to accelerate the reopening of border checkpoints:
- Thailand has 97 border checkpoints, with 48 currently open.
- The government aims to open 12 additional checkpoints in 2022.
Potential Risks Affecting Border and Transit Trade
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COVID-19 Omicron Variant
- Stricter border controls due to the pandemic may impact cross-border trade, leading to potential slowdowns in export transportation.
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Myanmar's Political and Economic Instability
- Thailand's border trade with Myanmar could be affected by Myanmar's foreign currency restrictions, which are aimed at reducing trade deficits by limiting imports.