Thai exports in 2021 continued to grow, expanding by 17.1%.

Thai exports in 2021 continued to grow, expanding by 17.1%.

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit revealed Thailand’s exports in September 2021, with a value of 23,036 million US dollars, or an expansion of 17.1%.

This is the seventh consecutive month of expansion, while imports in September 2021 were valued at 22,426.2 million US dollars, expanding by 30.3%, resulting in Thailand having a trade surplus of 609.8 million US dollars. Overall, exports for the first 9 months of 2021 were valued at 199,997.7 million, with Thailand having a trade surplus of 2,016.8 million US dollars for the first 9 months.

For product groups that are expanding well and are an opportunity for export, they include:

1) Agricultural and food products, especially rice, cassava products, rubber, palm oil, sugar, pet food and food seasonings.

2) Products related to working from home and home electrical appliances such as computers and components, radios, televisions and components, microwave ovens, air conditioners and components, and telephones and equipment.

3) Products related to infection prevention and reduction of the spread, such as medical devices and equipment, and pharmaceutical products.

4) Intermediate goods or raw materials such as iron, steel and products, chemicals, plastic pellets, rubber products, electrical circuit boards, and machinery and components.

5) Durable goods or high-priced luxury goods such as automobiles, equipment and components, gems and jewelry (excluding gold) still expanded well.

Mr. Jurin added that the factors that made September exports still good and positive at 17.1%, even though Thailand was facing the Covid problem and the production sector was locked down in the past, were:

1. The export promotion plan that has been set as 130 concrete activities in the second half of 2021 has been successful and is an effective collaboration between the Ministry of Commerce with the private sector and relevant government agencies, including negotiations to open new markets in the Middle East, Africa or Latin America, which has been successful. Importantly, the Ministry of Commerce has joined hands with the private sector to accelerate the resolution of problems in a tangible way, such as containers, solving the problems of the Thai-Vietnamese border checkpoints, Thai-Chinese, etc., including accelerating the opening of successful checkpoints.

2. The global economy is starting to improve. The WTO previously estimated that the GDP would increase by 8%, but it was re-estimated to increase to 10.8%. In addition, domestic lockdown measures have been relaxed, economic stimulus policies have been implemented, and preparations have been made to open up the country in many countries, which has helped Thai exports grow in 2021.

3. The baht is still weaker than last year, helping Thai products to compete better in the world market.

4. Crude oil prices are increasing, but there are two sides to it. The negative side is that it makes production costs more expensive, but it also increases the value of oil-related export products.

5. The potential of the Thai private sector is strong, allowing the industrial production sector to recover quickly, despite the lockdown and COVID-19 situation. This can be seen from the import figures of raw materials and capital goods, machinery, etc. in September, which increased by 33%. This will be good for future exports and make the Ministry of Commerce confident that exports will improve from now on.

Reference source: Prachachat Business Online

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