Continued to exceed target..Thai exports for the whole year 2021 increased by 16%.

Thai exports 2021

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit revealed the export figures for October 2021, which were worth 22,738.7 million US dollars (750,016 million baht), an increase of 17.4% compared to the same month last year. This is the 8th consecutive month of growth since March 2021.

However, if we exclude oil-related products, gold, and military equipment, it will expand by 12.2%. Thai exports continue to grow strongly amidst the global economic recovery, resulting in continuous purchase orders from Thailand’s trading partners, as reflected by the growth in both agricultural and industrial products.

Exports for the rest of the year are expected to continue to expand well, with an average of 2 months at 22,738 million US dollars. This will result in Thailand’s exports for the whole year expanding by 15-16%, or worth 268,696-266,379 million US dollars, which is more than the original estimate of 4%.

For the export promotion trends and plans in 2021, there is a good tendency for expansion. As a result of the direction of global trade expanding continuously until the 4th quarter, the baht is still in a depreciating direction, helping to increase the price competitiveness of Thai products. The relaxation of lockdown measures and preparations to open the country in many countries

Positive impact on the trade sector: Crude oil prices tend to increase in line with demand recovering in line with the global economy, supporting the export of oil-related products such as plastic pellets and chemicals, and the export value tends to increase as the border trade situation begins to improve, with major trade checkpoints reopening.

For the export promotion plan for the rest of the year, the “Market-led Production” strategy and the Ministry of Commerce’s plans have been set. Export promotion measures in the next phase include pushing for Thai cassava exports to be number 1 in the world in line with the Thai Cassava Strategy 2021-2024, and accelerating the RCEP agreement to come into effect soon after Thailand has submitted its ratification in order to increase the value of Thai trade.

Negotiations to open important trade borders to reduce export barriers after the COVID-19 crisis has begun to ease, including moving forward with plans to maintain existing markets, create new markets, and restore lost markets, with the Ministry of Commerce, the country’s sales team, and

The Department of Commerce will jointly drive forward Thai exports to continue to grow along with the recovery of the global economy after the COVID-19 crisis. As for the export direction in 2022, we may have to wait for assessments from all sectors before we can see trends and target numbers for next year.

Information source: Prachachat Business Online

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