Thai exports are starting to feel the effects of the global economic slowdown, with the latest figures pointing to a 6% export contraction for the month of November. Whole-year exports have nevertheless exceeded targets, with a 7.6% expansion seen in the first 11 months of 2022.
Commerce Minister Jurin reported on Thailand’s November exports, noting that total exports were valued at 22.308 billion US dollars – a 6% contraction from the same month in 2021. Farm and industrial categories led the drop in exports, marred by a clear slowdown in the global economy and heightened inflation in many countries. Nevertheless, over the 11-month period since the start of 2022, exports surpassed 265 dollars in value for a 7.6% expansion that far exceeded a previously established target of 4%. Exports generated 9.16 trillion baht for Thailand, comfortably beating the whole-year target of 9 trillion baht.
Most of the five export markets that saw the most growth were in the Middle East, namely the Iraqi market that expanded 215%, the Bahraini market which grew 153%, and the Saudi market that expanded 40.1%. The UK market meanwhile grew 22.2% and the Laotian market 21.3%.
For next year, Minister Jurin said Thailand will have to brave global economic woes and decelerating consumption. Positive factors include rising demand for food as well as digital and 5G growth driving demand for more technology-related items. China’s relaxation of its Zero COVID policy in January is also expected to help facilitate Thai exports to China, especially produce such as fruits.
November imports meanwhile expanded 5.6% and reached a value of 23.65 billion US dollars. This translates to a trade deficit of more than 1.3 billion dollars for Thailand. During the first 11 months of the year, imports expanded 16.3% and reached a value of over 280 billion dollars. For the same period, Thailand recorded a trade deficit of more than 15 billion dollars. (NNT)
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