Thai Exports Continue to Grow... February 2022 Expands by 16.2%
April, 1 2022
Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, revealed after the 1st Joint Public-Private Sector Committee on Commerce (JPPCC) Meeting of 2022 that:
- Thailand’s exports in February 2022 grew by 16.2%, reaching a total value of $23.483 billion, the highest on record.
- Imports expanded by 16.8%, totaling $23.359 billion, resulting in a trade surplus of $123 million.
For the first two months of 2022 (January-February):
- Exports grew by 12.2%, totaling $44.741 billion.
- Imports expanded by 18.7%, totaling $47.144 billion.
Top 10 Expanding Export Markets
- Russia → +33.4%
- ASEAN-5 → +31.5%
- Hong Kong → +29.8%
- South Korea → +28.9%
- United States → +27.2%
- India → +23%
- Taiwan → +17.7%
- United Kingdom → +17.3%
- CLMV (Cambodia, Laos, Myanmar, Vietnam) → +14.4%
- Middle East → +13.8%
Key Factors Driving Export Growth
- Enhancing Agricultural Export Potential → Following the “Agriculture Production, Commerce Markets” Strategy.
- Expansion into New Markets → Particularly in the Middle East, notably Saudi Arabia.
- Strengthening Thai Product Presence on Global E-Commerce Platforms → Successfully partnering with international online marketplaces.
- Promotion of Online Business Matching (OBM) → Facilitating international B2B trade through online channels and increasing Thai product visibility in foreign department stores.
Challenges and Future Outlook
Despite strong growth, the Russia-Ukraine war poses challenges, especially in logistics, shipping rates, and container shortages. The Ministry of Commerce is closely monitoring the situation with the private sector to address these challenges through the Joint Public-Private Sector Committee on Commerce (JPPCC).