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International Exports Expand by 7.8% Over Nine Months, Valued at USD 24.9 Billion

November, 1 2022

Exports Expand by 7.8% Over Nine Months, Expected to Meet 2022 Targets

The Ministry of Commerce reported that exports expanded by 7.8%, reaching a total value of USD 24.9 billion (THB 888 billion). This has led to a 10.6% growth in exports over the first nine months of 2022, totaling USD 221 billion (THB 7.52 trillion).

Meanwhile, imports reached USD 25.7 billion, expanding by 15.6%. Over the nine-month period, imports totaled USD 236 billion, an increase of 20.7%, resulting in a trade deficit of USD 853 million in September and USD 14.9 billion over nine months.

By product category, agricultural exports expanded by 2.7%, valued at approximately USD 2 billion (THB 61.8 billion). Major contributors included frozen and dried fruits, fresh and processed chicken, rice, and rubber.

The agricultural-industrial sector expanded by 0.8%, reaching approximately USD 1.73 billion (THB 72.5 billion), with significant growth in sugar, ice cream, pet food, canned seafood, and processed seafood.

The industrial sector saw 9.4% growth, valued at USD 20.2 billion (THB 721 billion), with strong performance in fax machines, mobile phones and components, travel accessories, air conditioners, motorcycles, automobiles and components, gems, and jewelry.

Despite these challenges, the Ministry of Commerce remains optimistic about achieving export growth targets for 2022.

Key Achievements of the Department of Foreign Trade (DFT) in 2022

Mr. Pittak Udomvichaiwat, Director-General of the Department of Foreign Trade (DFT), outlined ten major achievements in 2022 that focus on proactive economic policies and the integration of digital innovations to facilitate international trade.

1. Border Trade Development:

   • Expanded Thai border checkpoints from 46 to 70 locations, with 57 neighboring country checkpoints opened to stimulate cross-border trade and investment.
   • Total cross-border trade in 2022 was projected to expand by 5%, reaching THB 1.08 trillion, up from THB 618.6 billion in January–July (20.63% growth).

2. Rice Exports:

   • 5.35 million tons exported in the first nine months of 2022, a 45.46% increase, valued at THB 93.57 billion (40.11% growth).
   • Export target increased from 7 million to 7.5 million tons in collaboration with the Thai Rice Exporters Association.

3. Cassava Exports:

   • Strengthened market stability through government collaboration, ensuring price stability and expansion into new markets, including Turkey, New Zealand, India, South Korea, Japan, Indonesia, the Philippines, and Saudi Arabia.
   • 8.1 million tons exported in the first eight months of 2022, valued at USD 3.11 billion, with a full-year export forecast of 11 million tons worth USD 4.2 billion (7% growth)—the highest value in 15 years.

4. Agricultural Innovation:

   • Supported over 300 agricultural businesses through market promotion activities, generating THB 43 million in trade value.

5. Trade Benefits:

   • Promoted utilization of FTAs and GSP, with total FTA trade value of USD 49.9 billion (80.98% utilization rate) and GSP trade value of USD 2.19 billion (56.59% utilization rate).

6. Export Standards:

   • Developed a digital payment system for exporters and updated Thai Hom Mali rice certification regulations to ensure consumer confidence.

7. Trade Regulations:

   • Strengthened compliance with international regulations, including weapons proliferation control (TCWMD), through ICP Network projects, training over 134 businesses.

8. Digital Trade Services:

   • Enhanced SMART-I and SMART C/O systems, reducing paperwork for businesses and saving over THB 480 million per year in trade costs.

9. Coconut Price Stabilization:

   • Implemented strict monitoring of coconut imports to prevent market disruptions.

10. Preventing Trade Fraud:

• Strengthened rules of origin compliance with 42 high-risk product categories, requiring cost verification before issuing Certificates of Origin (C/O).
• Collaborated with Thai Customs to enforce Non-Preferential Rules of Origin (ROO) and monitor cross-border trade regulations.

These efforts reflect Thailand’s proactive approach to enhancing trade competitiveness and economic resilience in global markets.