Saturday, October 23, 2021

Thailand’s August exports grow 8.9%

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BANGKOK (NNT) – Thailand’s export sector has seen 8.93% year-on-year growth in August this year, with a slight slowdown as some manufacturing lines were closed, due to COVID-19 outbreaks. The Ministry of Commerce says the sector is growing well, despite some minor setbacks.

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit, announced that Thailand’s export sector in August 2021 had seen value of 21.98 billion US dollars reached, showing an 8.93% growth year-on-year.

When compared to the figures from July, the sector has witnessed a slight slowdown in growth due to some setbacks under the COVID-19 pandemic, from partial or full closures of factories and disruptions to the logistics chain. The sector is still considered to be growing at a good rate.

From January to August this year, Thailand’s gross exports are valued at 176.96 billion US dollars, showing 15.25% growth. With gross imports in the same period valued at 23.19 billion US dollars, Thailand has stacked up a 1.41 billion US dollar trade surplus, in the first 8 months of this year.

According to the Ministry of Commerce, Thailand’s export growth is primarily fueled by the expansion of agricultural and agri-industrial exports at 23.6%, with more exports of rubber products; fresh, chilled, frozen, and processed fruit; palm oil; tapioca products; rice; and animal feed.

The sector has seen growth in almost every market, with 16.2% growth in the US; 32.3% growth in China; 10% growth in Japan; 15.2% growth in ASEAN countries; 16.1% growth in EU countries, and 44.2% growth in India; with the exception of Australia, the UK, and CLMV countries where fewer goods were exported.

The depreciated Thai baht in recent months has also increased the price competitiveness of products from Thailand, leading to higher sales.

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