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Thailand's Exports Grew by 10.5% in May 2022 Despite COVID-19 Challenges

July, 15 2022

Deputy Prime Minister and Minister of Commerce, Jurin Laksanawisit, provided an update on Thailand's international trade, border trade, and cross-border trade for May 2022 and the first five months of the year.

Export Growth by Sector

1. Agricultural Exports

• Three consecutive months of growth, expanding 21.5% in May, valued at 106.08 billion baht.
• Key agricultural exports:
  • Cassava products (+81.4%)
  • Dried longan (+214.9%)
  • Fresh durian (+11.4%, valued at 34.87 billion baht)
  • Rice: Growth for four consecutive months, May (+24.7%), five months (+23.2%, valued at 47.80 billion baht)
  • Rubber: May (+3.9%), five months (+2.8%, valued at 78.97 billion baht)

2. Agro-Industrial Exports

• Positive growth for 15 consecutive months, expanding 32.7% in May, and 27.9% for the first five months (valued at 322.86 billion baht).
• Key growing products:
  1. Sugar: May (+171.2%), five months (+151.0%)
  2. Canned and processed seafood: May (+32.5%), five months (+10.9%, valued at 51.16 billion baht)
  3. Pet food: Growth for 33 consecutive months, five months (+25.4%, valued at 40.72 billion baht)

3. Industrial Exports

• Positive growth for 15 consecutive months, five months (+11.3%, valued at 3.16 trillion baht).
• Key industrial exports:
  1. Telecommunication equipment: May (+141.3%), five months (+75.7%, valued at 63.03 billion baht)
  2. Gems and jewelry: Five months (+48.3%, valued at 109.48 billion baht)
  3. Iron and steel products: Five months (+14.9%, valued at 100.12 billion baht)
  4. Machinery and components: Five months (+16.8%, valued at 121.14 billion baht)
  5. Rubber products: May (+10.0%, valued at 42.34 billion baht), but declined (-4.3%) for five months, valued at 198.23 billion baht.
  6. Electronic circuits: Five months (+14.7%, valued at 125.92 billion baht)

Top 10 Fastest-Growing Export Markets in May 2022

1. South Asia (+55.7%)
2. Canada (+45.3%)
3. Middle East (+37.9%)
4. United States (+29.2%)
5. Latin America (+22.5%)
6. South Korea (+14.5%)
7. CLMV (Cambodia, Laos, Myanmar, Vietnam) (+13.1%)
8. European Union (+12.8%)
9. Africa (+10.2%)
10. ASEAN-5 (+8.3%)

Key Export Promotion Strategies

1. Improved fruit export logistics to China, shifting from land transport to sea and air transport to resolve previous bottlenecks.
2. Successful THAIFEX-ANUGA ASIA 2022 “Hybrid Edition”, generating over 60 billion baht in revenue.
3. Accelerated utilization of FTAs and Mini-FTAs, with ministerial-level discussions to swiftly resolve trade issues.

Factors Supporting Thai Exports

• Increased global food demand, boosting Thai food exports.
• Expansion of global production sectors, increasing demand for Thai raw materials.
• Depreciation of the Thai baht, enhancing Thailand’s price competitiveness in global markets.

Border and Cross-Border Trade Performance

1. Border Trade with Four Neighboring Countries (Malaysia, Cambodia, Myanmar, Laos)

• May 2022 Exports: 55.00 billion baht (+16.33%)
• First five months of 2022: 267.05 billion baht (+17.24%)

2. Cross-Border Trade with China, Vietnam, and Singapore

• Cross-border exports to China in May: -24.01% (35.70 billion baht)
• First five months: -23.81% (137.53 billion baht)
• Reason for decline: Increased exports via sea and air routes instead of land routes led to a drop in cross-border trade figures, but overall exports continued to rise.