Thai exports exceed 2022 target despite end-of-year slump
Exports rose 7.6% in the first 11 months of 2022 to US$265.34 billion or 9.16 trillion baht, exceeding the target of 9 trillion baht for the whole year, Commerce Minister Jurin Laksanawisit said on Tuesday.
Cross-border trade in the same period was worth 944 billion baht, down 0.51% from the previous year.
However, exports in November were down 6% on last year to $22.3 billion, while imports rose 5.6% to $23.65 billion. December’s export figures are also expected to drop from last year amid the ongoing global economic slowdown.
Thailand logged a trade deficit of US$15.08 billion or 522.2 billion baht in the first 11 months.
Export markets that saw the biggest expansion in volume in November were Iraq (215.6%), Bahrain (153.1%), Saudi Arabia (40.1%), the United Kingdom (22.2%), and Laos (21.3%)
Driving export expansion this year are the reopening of 72 of 97 Thai border checkpoints, a 10% rise in global food demand, growing demand for tech products as 5G coverage spreads, and easing of the semiconductor shortage, Jurin said.
Factors hindering exports include high inflation and the stagnating global economy, as well as the war between Russia and Ukraine.
