Thursday, August 05, 2021

business

Cross-border trade rises 29% in May


Cross-border trade rose more than 29 per cent in May, increasing for the fifth consecutive month, the Commerce Ministry reported on Tuesday.

Total trade of 677.078 billion baht represented a rise of 29.15 per cent, with exports up 33.6 per cent to 408.3 billion baht and imports up 22.93 per cent to 268.777 million baht. Thailand registered a trade balance of 139.524 billion baht spurred by recovery in neighbouring economies.

Efforts to boost trade and exports would be boosted by the opening of 11 more checkpoints as early as possible, said the ministry. Currently, more than half (51) of Thailand’s 97 border checkpoints remain closed under Covid-19 restrictions.

Thailand’s direct border trade with its four neighbours – Malaysia, Myanmar, Laos and Cambodia – rose 19.85 per cent to 371.04 billion baht in May.

Meanwhile cross-border trade via neighbouring countries to important markets such as China, Singapore and Vietnam grew 42.57 per cent to 306.038 billion baht. China remained the biggest trading partner, followed by Singapore, Vietnam, the United States, Taiwan, Japan and South Korea.

The Commerce Ministry said border and cross-border trade is on course to exceed the target of 1.4 trillion baht.

Published : June 29, 2021

By : The Nation