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Overcoming the Covid-19 crisis, Thai product exports in May 2022 grew by 10.5%.

Thai export figures for May 2022 increased by 10.5%, with a total value of 854,372 million baht and overall exports for the first 5 months

Overcoming the Covid-19 crisis, exporting Thai products

Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, announced the situation of Thailand’s international trade, border trade and cross-border trade in May and the first 5 months of 2022, stating that the export figures for May 2022 increased by 10.5%, with a total value of 854,372 million baht, and overall exports for the first 5 months (January-May) expanded by 12.9%, with a value of 4.03 trillion baht.

Agricultural product category: Exports have been positive for 3 consecutive months, expanding by 21.5%, worth 106,082 million baht. Important products include cassava products in May 2022 + 81.4%, dried longan, Thai product exports in May + 214.9%, fresh durian in May 2022 + 11.4%, worth 34,870 million baht, rice has increased for 4 consecutive months, with May + 24.7% and the first 5 months + 23.2%, worth 47,803 million baht, and rubber in May 2022 + 3.9%, the first 5 months of this year + 2.8%, worth 78,971 million baht.

Agricultural industry products expanded positively for 15 consecutive months, May 2022 increased by 32.7% and the first 5 months of 2022 increased by 27.9%, valued at 322,863 million baht. Products with high expansion include: 1. Sugar, May 2022 increased by 171.2%, 5 months increased by 151.0% 2. Canned and processed seafood, May 2022 increased by 32.5%, 5 months +10.9%, valued at 51,158 million baht 3. Pet food expanded for 33 consecutive months, the first 5 months increased by 25.4%, valued at 40,721 million baht

Industrial product category increased for 15 consecutive months, first 5 months + 11.3%, value 3,162,977 million baht, important products such as

  1. Fax machines, telephones in May increased by 141.3% and the first 5 months increased by 75.7%, valued at 63,029 million baht.
  2. Gems and jewelry in the first 5 months increased by 48.3%, valued at 109,478 million baht.
  3. Iron, steel and products in the first 5 months increased by 14.9%, valued at 100,115 million baht.
  4. Machinery and components in the first 5 months increased by 16.8%, valued at 121,142 million baht.
  5. Rubber products in May 2022 increased by 10.0%, valued at 42,340 million baht, and the first 5 months contracted by 4.3%, valued at 198,229 million baht. 6. Electrical circuit boards in the first 5 months increased by 14.7%, valued at 125,921 million baht.

For the top 10 fastest growing markets in May 2022, they are:

  1. South Asia +55.7%
  2. Canada +45.3%
  3. Middle East +37.9%
  4. United States +29.2%
  5. Latin America +22.5%
  6. South Korea +14.5%
  7. CLMV +13.1%
  8. European Union +12.8%
  9. Africa +10.2%
  10. ASEAN (5) +8.3%

By promoting important marketing activities including:

1. The management of fruit exports to Thailand’s largest market, China, has achieved tangible success. The logistics model, which had problems in the past, from land transport, has been adjusted to be more by sea and air transport.

2. The organization of THAIFEX-ANUGA ASIA 2022 “The Hybrid Edition” in Thailand was a success both online and offline, generating more than 60 billion baht in revenue.

3. Policy to accelerate the utilization of FTA and Mini-FTA, including discussions to solve problems promptly at the ministerial level.

In addition, overall economic factors, such as the increasing global demand for food, have led Thailand to export more food and the global manufacturing sector has expanded.

The demand for raw materials from Thailand for use in production is still good and finally, the recent weakening of the baht has helped Thai exports to be more competitive in terms of price with competitors in the world market.

Mr. Jurin also mentioned border trade and cross-border trade, saying that border trade between the four countries, Malaysia, Cambodia, Myanmar and Laos, in May 2022, Thai exports increased by 16.33%, worth 55,002 million baht, and in the first 5 months of 2022, exports increased by 17.24%, worth 267,052 million baht.

For cross-border trade, there are 3 important countries: China, Vietnam and Singapore, which are the destinations of cross-border trade. Cross-border trade to China in May was -24.01%, bringing in 35,702 million baht, and in the first 5 months, was -23.81%, bringing in 137,534 million baht.

The main reason is that more exports are being sent via sea and air instead of cross-border exports via land, which has reduced the number of land-based cross-border shipments, but has not resulted in an increase in overall export figures.

Source: Prachachat Business

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