As Covid-19 situation is gradually becoming under control worldwide, the spike of Thai exports is expected to reduce at least 5% in 2022, from the 12% forecast for 2021.
Chairman of the Thai National Shippers’ Council, Chaichan Charoensuk revealed that the main factors that may reduce Thai exports growth are the high freight rate, shortage of shipping space, amount of containers, shortage of electronic chips and high prices of oil and steel.
Another key that may come into consideration is Thailand Covid-19 situation in which its daily cases have been relatively high and that can cause a shortage of workers in the manufacturing sector.
However, the council believes Thai exports will continue to rise in 2022 if Thai baht keeps stable around 33 baht per US dollar, oil price stays around 85 US dollar per barrel, and the freight rates are not too high.
Over the period of Covid-19 situation, Thai products that have been exported mostly have been food, rubber, textiles and garments, automotive and parts, and plastic and chemical industries with higher growth forecasted for the next year.
According to the Ministry of Commerce, the Customs Department reported that this year has already seen a trade surplus of 609.8 million US dollars as a result of 17.1% year-on-year exports increase.
Still, the Ministry of Commerce expects significant export growth in the last quarter of 2021 due to Thai baht’s depreciation, and the higher prices of products related to oil, steel and other commodities. (NNT)
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