Thailand’s exports are expected to slow this year in line with global economic conditions. Export figures have been shrinking since the end of 2022 and the total export value contracted by 4.5% in January. The Ministry of Commerce, however, still aims for a 1-2% overall expansion in 2023.
Deputy Commerce Minister Sinit Lertkrai reported on exports for January 2023, when the value of exports totaled US$20.249 billion. This marked a decline of 4.5% from January 2022 and was the fourth consecutive month of contraction. All export categories recorded declines.
The deputy minister said heightened inflation has prompted trade partners to delay their purchase orders for new goods. Contraction in the global manufacturing sector meanwhile impacted Thailand’s exports of chemical and machinery products.
Minister Sinit said his ministry has prepared about 450 export promotion activities for 2023. These will focus on markets with potential that include the Middle East, South Asia, the CLMV region comprising Cambodia, Laos, Myanmar and Vietnam, and China. The ministry will also be working to facilitate greater convenience in trade for the private sector, adding that it remains confident that exports will be able to expand by 1-2% this year in line with targets.
Border trade with Malaysia, Laos, Myanmar and Cambodia and cross-border trade with China, Singapore and Vietnam amounted to around 140 billion baht in January. This represented a 3.68% contraction from the same month in 2022 and was due mainly to a high-value base in January 2022. The Ministry of Commerce remains confident that border and cross-border trade will grow by 3.3% this year. (NNT)
