Border and cross-border trade in 2022 with a target of 1.08-1.10 trillion baht

Border and cross-border trade 2022

Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, revealed that cross-border trade and cross-border exports in 2021 had a total trade value of 1,715,345 million baht or approximately 1.7 trillion baht, expanding by 30.03%.

If we only assess the value of exports, they expanded by 34.6%, worth 1,031,330 million baht or approximately 1 trillion baht, which is considered to exceed the target of 6% and grow more than 2020 by 34.6% or approximately 5-6 times, worth 265,118 million baht.

Mr. Jurin added that “From discussions with the private sector, it was concluded that in 2022, the target for export figures through border trade and transit trade has been set at 5-7%, which will be worth 1.08-1.10 trillion baht.”

The supporting factors that will make exports grow in 2022 are :

1. From the assessment of the global economy and the economies of neighboring countries that still have opportunities for continuous growth
2. From the forecast of the baht depreciating compared to the first half of 2021, which will help increase the competitiveness with our trading partners.
3. It is expected that in 2022, Thailand will be able to take advantage of the Laos-China railway service route to export Thai products from Vientiane to China more conveniently, which will have an effect on the expected export figures.
4. Close cooperation between the Ministry of Commerce and the private sector in the form of the Export War Room continues.
5. The policy is to accelerate the opening of more border checkpoints, of which there are currently 97, 48 of which have been opened, and the goal is to open 12 more checkpoints in 2022.

However, there are still 2 major risk factors: the Omicron COVID situation, which will affect the opening and closing of border checkpoints and cross-border export traffic because there may be more stringent disease screening.

Another factor is the political and economic situation in Myanmar, which may affect the figures of Thai border exports to Myanmar, especially Myanmar’s policy of reducing the use of foreign currency to control imports, which is another way to reduce Myanmar’s balance of payments deficit.

Information source: Bangkok Business

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