Thai exports hit a historic high in December
Thailand’s export growth in December soared by 24.2 per cent year on year, Commerce Minister Jurin Laksanawisit said on Friday
The growth keeps up last year’s momentum when overall export growth was 17.1 per cent, exceeding by four times the original target of 4 per cent.
He said the Commerce Ministry expected the country’s exports to continue growing, at around 3-4 per cent this year.
Exports in December were valued at US$24.9 billion (Bt821.7 billion), while imports were up 33.4 per cent to $25.2 billion (831.6 billion), resulting in a trade deficit of $354.2 million (Bt11.6 billion).
Thailand’s exports in 2021 totalled $271.1 billion (Bt8.94 trillion), a 17.1 per cent rise over the previous year. Imports jumped 29.8 per cent year on year to $267.6 billion (Bt8.83 trillion), for a trade surplus of $3.57 billion (Bt11.78 billion), said Jurin, who also doubles as a deputy prime minister.
The commerce minister attributed the “success” to various factors, including close coordination between his ministry and the private sector, economic recovery in many importing countries, global economic expansion, increased competitiveness resulting from a weaker baht, and higher oil prices.
Thailand’s exports of major products have seen increases last year — 21.1 per cent in agricultural products, 24.1 per cent in processed farm products, and 24 per cent in industrial products.
Among Thailand’s key export markets that saw a high growth last year were Australia (increasing by as much as 54.4 per cent), Russia and CIS countries (up 45.8 per cent), the United States (36.5 per cent), Latin America (36.5 per cent), Asean (35 per cent), and Africa (34.1 per cent).
Thailand’s food-products exports totalled Bt819.8 billion last year, up 23.5 per cent. Durian, rubber and mango were among the major export products, with mangosteen being a “rising star”.
Exports of processed agricultural products totalled Bt607.2 billion last year, increasing by 6.7 per cent. Among the major goods were chilled and frozen fruit, dried and canned fruit, and animal feed.
Industrial products accounted for Bt6.79 trillion worth of exports last year, a 16 per cent increase, including oil-related products, steel, gems and jewellery, cars and parts, and air-conditioners.