Thai exports in March 2022 grew by 19.5%, the highest value in 30 years.

Thai exports 2022 in March

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit revealed Thailand’s international trade situation in March 2022, stating that exports in March expanded by 19.5%, with a value of 28,859.6 million dollars, which is considered the highest export value in 30 years.

Imports expanded by 18.0% to $27,400.6 million, resulting in a trade surplus of $1,459.1 million in March.

In terms of the overall picture of exports in the first quarter of the year, January-March 2022, they expanded by 14.9%, totaling 73,601.4 million USD. Imports expanded by 18.4%, totaling 74,545 million USD. Thailand had a trade deficit of 944 million USD.

It can be seen that Thai exports in March 2022 expanded in all categories as follows:

• Agricultural product category expanded by 3.3%, valued at 2,168 million dollars.
• The agricultural industry product category expanded by 27.7%, worth 2,163 million dollars.
• Industrial products category expanded by 20.6%, valued at 23,634 million dollars.

By the top 10 major export markets with high growth

1. Switzerland grew by 2,864.7%
2. South Asia grew 36.4%
3. ASEAN expanded 34.8%
4. Middle East grew 29.5%
5. The United States grew by 21.5%.
6. UK grew by 14.5%
7. South Korea grew 14.5%
8. Taiwan grew 9.4%
9. Canada grew 9.2%
10. The European Union grew by 6.9%.

The main factors that support the increase in exports are the result of many factors such as:

– Promotion through the soft power policy of the Ministry of Commerce, which promotes 4 important product groups: food, digital content, health and beauty, and products with a selling point as a Thai identity.

– The situation of the shortage of containers is starting to ease and the freight rates from Thailand to Europe are starting to decrease while some routes are not increasing. This will be another helper.

– The weakening of the baht also helps make exports more competitive in the global market.

– Upgrading the Huai Ton Nun trade relaxation point to a permanent border crossing in Mae Hong Son Province is expected to help increase the value of Thai-Myanmar border trade.

These important factors create confidence that Thai exports this year will expand as targeted by 4-5%. As for the problems of the Russia-Ukraine war, for example, exports to Russia decreased by 73% and Ukraine exports decreased by 66.3%.

This will directly affect the exports of the two countries, but the overall export picture is still in a better direction.

Source: Pptvhd and Prachachat Business

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