Government bullish on export performance

Government bullish on export performance

Shipments forecast to expand by 3.5-4.5%

A worker approaches a shipping vessel docked at Bangkok Port. Arnun Chonmahatrakool
A worker approaches a shipping vessel docked at Bangkok Port. Arnun Chonmahatrakool

The government is upbeat about export performance this year, projecting outbound shipments to grow by 16% to US$268 billion (about 8.5 trillion baht) boosted by a robust global economic recovery, higher rates of vaccination worldwide, and economic stimulus packages among major trading partners.

For 2022, the Commerce Ministry forecasts export growth of 3.5-4.5%, reaching $278-280 billion.

Commerce Minister Jurin Laksanawisit said supporting factors in 2022 include the expansion of gross domestic product (GDP) and imports among trading partners; the depreciation trend for the baht; the high-level of the Dubai crude oil price; and a rise in manufacturing raw material prices.

Other positive factors are an expected increase in containers and vessels by the middle of 2022, effective containment of Covid-19 and the Regional Comprehensive Economic Partnership (RCEP) which is scheduled to take effect at the beginning of next year.

The Commerce Ministry reported yesterday customs-cleared exports fetched $23.6 billion (783 billion baht) with a growth rate of 24.7%, with imports increasing by 20.5% to $22.6 billion, resulting in a trade surplus of $1.02 billion.

For the first 11 months of 2021, Thai exports expanded by 16.4% to $246 billion, while imports increased by 29.4% to $242 billion, which resulted in a trade surplus of $3.92 billion.

Exports of the real sector (excluding gold, oil-related products, and weaponry) continued to rise by 18.9% from November last year following a rise of 12.2% in October, 14.8% in September and 19.4% in August.

Products that expanded strongly in November were agricultural and food products such as fruits, cassava products, rubber, sugar and pet food; work-from-home products and home appliances such as furniture and parts, computers and parts, radios and television receivers and parts, microwave ovens, refrigerators and parts, air conditioners and parts, telephones and parts; Covid-19 prevention and medical products such as medical devices, and pharmaceutical products.

Other gains included intermediate goods and raw materials such as iron, steel and their products, chemicals, plastic resins, rubber tyres, electronic integrated circuits, and machinery and parts; and durable goods or luxury goods such as cars and parts, and gems and jewellery (excluding gold).

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