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Thai exports in January 2022 expanded by 8%, ready to negotiate for additional markets
Thai exports in January 2022 were worth $21,258 million, expanding by 8% compared to January 2021, which expanded by only 0.1%.
Thai exports 2022
Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit revealed that Thai exports in January 2022 were worth 21,258 million dollars, an 8% increase compared to January 2021, which grew by only 0.1%.
Imports were valued at $23.785 billion, up 20.5%, driven by the import of raw materials used in production and the continued increase in oil prices, resulting in a trade deficit of $2.5264 billion.
The factor that caused Thai exports in January 2022 to expand by 8% came from close cooperation between the Ministry of Commerce and the private sector, which is still moving forward intensively, plus the global manufacturing sector is still expanding. This can be seen from the Global Manufacturing PMI, which is above 50 for the 19th consecutive month, reflecting that the economy is still recovering.
Including the problem of container shortages that have begun to improve, especially at Laem Chabang Port and Bangkok Port, where the United States and the private sector have collaborated to extend operating hours on holidays and increase work at night, making transportation more flexible and reducing backlog. In 2022, the export target is still set at 3-4%, expanding by 31.9%.
The top 10 markets with the highest growth in January 2022 are: 1. India, up 31.9% 2. Russia, up 31.9% 3. United Kingdom, up 29.7% 4. South Korea, up 26.8% 5. United States, up 24.1% 6. Canada, up 13.6% 7. ASEAN-5, up 13.2% 8. China, up 6.8% 9. Latin America, up 5.0% 10. European Union, up 1.4% The export figures for January were delayed and do not include details by product because it is the period when the Customs Department adjusts the customs tariff system every 5 years.
For the Russia-Ukraine situation, the Ministry of Commerce met with the private sector, including the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers’ Council, the Thai Bankers’ Association, the Federation of SMEs, and other relevant associations. The meeting agreed that:
The current situation has not directly affected Thai exports because the Russian market is an export market with a market share of only 0.38% of Thailand and the Ukrainian market is 0.04%, which is considered a small proportion.
For indirect impacts, there may be energy prices, imported steel prices used to produce downstream products such as cans or construction that will be affected, including imported grains for animal feed, such as wheat and corn, especially Ukraine, which is the world’s largest wheat producer and exporter.
However, to cope, the Ministry of Commerce has prepared various measures to support together if problems arise by finding alternative markets such as the Middle East, Africa, and Latin America. As for the problem of goods transport that may be disrupted by the conflict between Russia and Ukraine, which may cause some ports to be closed.
Goods can be loaded onto ports through other countries, or negotiations with the Chinese government may be expedited to open road and rail routes to transport Thai goods through China to Central Asia and Europe.
Information source: Bangkok Business
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