Despite exports having started to make a recovery, the value of exports this year has contracted from that of 2022. The Thai National Shippers’ Council (TNSC) now expects the growth of exports to range between 0 and 1 percent this year. The council is also suggesting that the government keep energy prices at an appropriate level in order to sustain the competitiveness of manufacturers.
TNSC Chairman Chaichan Chareonsuk spoke of the situation of Thailand’s international trade in March 2023. He said exports amounted to 27.654 billion USD in March – a 4.2% contraction from the same month in 2022. If exports are valued in Thai baht, however, March’s figure would amount to 942.939 billion baht and represent a 2.2% expansion from the same period in the previous year. Imports, meanwhile, amounted to 24.935 billion USD – a 7.1% contraction from the same month in 2022. If imports are valued in Thai baht, however, March’s figure would amount to 860.535 billion baht – a 1.0% contraction. Based on these figures, Thailand experienced a trade surplus in March.
As for the quarterly trade figures for the January to March 2023 period, Mr. Chaichan said Thailand exported 70.280 billion USD in total. This was a 4.5% contraction compared to the same period of the previous year. If exports are valued in Thai baht, the amount would be 2.373 trillion baht and represent a contraction of 1.1%. Imports in the first quarter amounted to 73.324 billion USD – a 0.5% contraction compared to the first quarter of 2022. If imports are valued in Thai baht, the amount would be 2.508 trillion baht and represent an expansion of 2.9%. Based on these figures, Thailand experienced a trade deficit in the first quarter of 2023.
Mr. Chaichan said exports in March were better than expected despite a contraction having been experienced. He noted the figures likely meant exporters should be able to pull through during the remaining 9 months of this year.
The TNSC predicts that overall exports in 2023 will grow by 0 to 1 percent. Mr. Chaichan said major risk factors for exports include the global economy and the situation of electricity and energy prices. He suggested the state sector manages the FT rate applied to the electricity charge in a way that minimizes impacts on the manufacturing sector and enables it to remain competitive. (NNT)
