Thailand's Border Trade Surges to Nearly 60 Billion Baht in 6 Months, Aiming for 100 Billion by Year-End 2023
June, 23 2023
Border Trade Situation at Nakhon Phanom Customs Checkpoint for Fiscal Year 2023
Niphawan Yaibuathes, Director of Nakhon Phanom Customs, assigned Angkoon Angkajaroen, Director of Customs Control, to report on the border trade situation at the Nakhon Phanom Customs Checkpoint for the fiscal year 2023. The report was presented at the 3rd meeting of the Provincial Joint Public-Private Committee for Economic Development and Problem-Solving, chaired by Wanchai Chanporn, Governor of Nakhon Phanom, in the Phra That Phanom Meeting Room, 5th Floor, Nakhon Phanom Provincial Hall.
Angkoon Angkajaroen provided insights into the trade figures, stating that the value of border imports between October and April of fiscal year 2023 increased compared to the same period in 2022. The import value for October-April 2022 was approximately 14.56 billion baht, while in 2023, it rose to 19.82 billion baht. Major imported goods included solar panels, solar panel components, electrical energy, cement, and batteries.
Regarding exports, Angkoon reported that in 2023, exports saw significant growth. From October to April 2022, export values stood at 25.36 billion baht, whereas, in the same period of 2023, they surged to 47.94 billion baht. The top exported goods included fresh fruits, followed by energy drinks, petroleum products, electricity, and live cattle.
Additionally, goods transited through Laos to third countries mainly consisted of computer peripherals, signal distribution equipment, display screens, electrical signal devices, and medical electrical appliances, with a total value of approximately 349 million baht. This figure marked a 56.41% increase compared to April 2022, which was valued at 126 million baht. Meanwhile, goods transiting from third countries into Laos included second-hand clothing, excavators, cosmetics, powdered milk, and shelled peanuts, totaling 450 million baht. This was an increase of 241 million baht (115%) compared to April 2022.
The total export value for the entire year of 2022 was approximately 56 billion baht. For the first six months of 2023 alone, exports have already reached the same figure. With China reopening its border checkpoints for Thai fruit exports, the next six months are expected to see further growth. It remains to be seen whether the total trade value for 2023 will exceed 100 billion baht.
Additionally, the Nakhon Phanom Fiscal Economic Report indicated that border trade expanded by 469.1%, mainly driven by exports of fresh fruits such as durian, jackfruit, longan, mangosteen, and mangoes, along with energy drinks, petroleum products, seasonings, and electricity. The trade growth resulted from the easing of China's "Dynamic COVID-Zero" policy, as well as increased private sector consumption, agricultural expansion (ranging from 1-44%), and investment. However, government spending, service sector production, and industrial production declined by 3-17%.