Thailand's Exports in March 2022 Grow 19.5%, Highest in 30 Years
May, 5 2022
Deputy Prime Minister and Minister of Commerce Jurins Laksanawisit announced that Thailand's exports in March 2022 expanded by 19.5%, reaching USD 28,859.6 million, marking the highest export value in 30 years.
Meanwhile, imports grew by 18.0%, amounting to USD 27,400.6 million, leading to a trade surplus of USD 1,459.1 million for March.
For the first quarter of 2022 (January-March), Thai exports expanded by 14.9%, totaling USD 73,601.4 million, while imports grew by 18.4%, reaching USD 74,545 million, resulting in a trade deficit of USD 944 million.
Sectoral Export Growth in March 2022
- Agricultural products: +3.3% (USD 2,168 million)
- Agro-industrial products: +27.7% (USD 2,163 million)
- Industrial products: +20.6% (USD 23,634 million)
Top 10 Export Markets with Highest Growth
- Switzerland: +2,864.7%
- South Asia: +36.4%
- ASEAN: +34.8%
- Middle East: +29.5%
- United States: +21.5%
- United Kingdom: +14.5%
- South Korea: +14.5%
- Taiwan: +9.4%
- Canada: +9.2%
- European Union: +6.9%
Key Factors Supporting Export Growth
- Soft Power Strategy by the Ministry of Commerce: Promoting four key product groups—food, digital content, beauty & wellness, and Thai identity-based products.
- Easing container shortages and stabilizing shipping rates: Freight rates from Thailand to Europe have started to decline, easing export logistics challenges.
- Weaker Thai baht: The currency depreciation has helped increase competitiveness in global markets.
- Upgrading Huai Ton Nun trading checkpoint to a permanent border crossing in Mae Hong Son Province: This is expected to boost cross-border trade with Myanmar.
Export Impact from the Russia-Ukraine War
- Exports to Russia: -73%
- Exports to Ukraine: -66.3%
While exports to these two countries have been affected, the overall export performance remains positive, and Thailand is expected to meet its annual export growth target of 4-5%.