China’s recovery is a boon for Thai export, tourism sectors: Govt
China’s reopening following the end of the Covid-19 crisis has proved to be a boon to Thailand’s economy, as the tourism and export sectors are making strong gains, government spokesman Anucha Burapachaisri said on Saturday.
The recovery of China’s economy – the world's second largest – has had a positive impact on its trading partners, including Thailand, Anucha said.
China’s recovery is directly and indirectly benefitting the Thai economy, including increasing growth, which is expected to accelerate in the second half of the year, he said, citing an analysis by TTB Analytics, the research arm of TMB Thanachart Bank.
“China’s reopening and the increase of Chinese tourists to Thailand have benefitted many industrial sectors, including tourism, export and services. The government has set guidelines for promoting [Thailand’s] competitiveness to deal with future challenges,” Anucha said.
Prime Minister Prayut Chan-o-cha has instructed state agencies to take advantage of this opportunity by strengthening the country's competitiveness and improving its strengths, he added.
About 5.3 million Chinese tourists are expected to visit Thailand this year, and they are forecast to generate 400 billion baht in revenue, Anucha said, citing TTB Analytics.
In 2019, the year before Covid-19 struck, 10 million Chinese tourists visited Thailand, accounting for 28% of all foreign arrivals that year, with over 500 billion generated from Chinese visitors alone.
Thailand’s export sector is benefiting from China’s recovery, Anucha said.
Exports to China – Thailand’s second-largest export market – rose at an anualised rate of 10.8% in the first half of this year, and the expansion is expected to reach 12.9% in the second half, he said.
