Thai exports in April 2022 continued to expand, with a value of over 23,521 million US dollars.

April 2022 Thai exports continue to expand

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit revealed that Thai exports in April 2022 expanded by 9.9%, with a value of 23,521 million US dollars, which is a continuous expansion for 14 months.

In terms of imports, it expanded by 21.5%, with a value of 25,429 million US dollars, resulting in a trade deficit of 1,908 million US dollars for Thailand. The expansion in exports was the result of three major product categories that grew: agricultural products, agricultural-industrial products, and industrial products.

Meanwhile, exports for the 4 months (January-April 2022) expanded by 13.7%, with a value of 97,122 million US dollars, the highest expansion, while imports expanded by 19.2%, with a value of 99,975 million US dollars, resulting in Thailand having a trade deficit of 2,852 million US dollars.

Agricultural-industrial products expanded by 10.8%, worth 4,443 million US dollars, such as cassava products, rice, fresh longan, fresh mangosteen and fresh mango. At the same time, we will accelerate the promotion of rice exports, especially jasmine rice, both parboiled rice, broken rice, white rice, sticky rice and this year’s rice export trends are expected to exceed the set target, with a tendency to export 7-8 million tons.

Industrial products expanded by 8.3%, worth 17,962 million US dollars, such as aluminum products, gems and jewelry, iron, steel and products, and electrical circuits.

Positive factors for exports in April expanded and there are many factors in the future, such as:

• Accelerating the promotion of rice exports, especially jasmine rice, commercial attachés have been publicizing and inviting foreign buyers, especially Thai restaurants abroad, to turn to using more jasmine rice. Thung Kula Rong Hai jasmine rice has received the GI mark of the European Union, becoming an important selling point. The Thai Rice Exporters Association has accelerated rice export negotiations as an important supporting force for exports.
• Expanding cooperation with new markets, such as Bhutan focusing on Thai herbs and traditional medicines, signing Mini-FTA such as with India, Telangana State, and China’s Hainan and Gansu provinces, will have an effect on stimulating future exports. Thailand-Vietnam JTC meeting

Next trends and plans for export promotion

Agricultural and food exports tend to increase as trading partners want to maintain food security. Industrial products tend to expand well from intermediate products such as iron, steel and products.

Oil-related products (plastic pellets, chemicals, refined oil, liquefied petroleum gas, natural gas) In addition, lifestyle products used in daily life will benefit from the relaxation of epidemic control measures.

However, Thai exports may still be affected by the shortage of basic raw materials used in semiconductor production in the first half of the year for the export market.

Some markets are expected to grow amid the Russia-Ukraine situation, such as exports to ASEAN markets, which are showing signs of improvement after countries began to reopen and relaxed control measures to allow economic activities to resume normally.

The Ministry of Commerce has taken proactive steps to promote exports in order to push and facilitate the exports of Thai entrepreneurs, including:

• Remove barriers to fruit exports to China, promote a shift to shipping goods by sea to reduce congestion at land border checkpoints, while the Ministry has assigned commercial attachés to accelerate negotiations with Chinese authorities to facilitate smooth land transport.
• Revitalize the Saudi Arabian market by bringing Thai entrepreneurs to participate in the SAUDI FOOD EXPO, create business matching negotiations, and organize sales promotion activities for Thai products in collaboration with leading supermarkets in Saudi Arabia, such as rice, halal food, and fruits.
• Promote trade with environmentally friendly production processes to support changes in the trade context in the coming years, especially trade with the European Union.
• Accelerate negotiations on FTAs and Mini-FTAs to increase opportunities and competitiveness for Thai entrepreneurs and strengthen relationships with bilateral and multilateral trading partners.

Source: Prachachat Business