Thailand’s exports expanded 7.6% year-on-year to 265 billion USD in the first 11 months of 2022.
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Thai Commerce Minister Jurin(Photo: thainews.prd.go.th) |
Thai Commerce Minister Jurin reported the country’s total exports in November were valued at over 22.3 billion USD, 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.
Most ofThailand’s five export markets that saw the biggest growth were in the Middle East, including Iraq (215%), Bahrain (153%), and Saudi Arabia (40.1%). Meanwhile, the UK market grew 22.2% and the Lao 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 Thaiexportsto China, especially produce such as fruits.
Thailand’s November imports, meanwhile, expanded 5.6% to reach 23.65 billion USD, resulting in a trade deficit of more than 1.3 billion USD.
The 11-month imports went up 16.3% to over 280 billion USD, with a trade deficit of more than 15 billion USD./.