Commerce ministry expects 3-4% export growth next year

BANGKOK (NNT) – Exports continue to be the prime driver of Thailand’s economy during a time when commercial activities are upended by the coronavirus pandemic. The Ministry of Commerce is confident that exports will grow by 16% this year and by 3-4% in 2022 despite the emergence of the Omicron coronavirus variant.

Minister of Commerce Jurin Laksanawisit yesterday (Dec 27) attended a meeting of the Joint Standing Committee on Commerce, for the purpose of assessing Thailand’s export situation and determining mechanisms to drive exports in 2022.

Mr. Jurin expressed confidence that exports will grow by 16% this year, and by 3-4% next year. The healthy performance of the US, Chinese, Japanese and European economies and the current value of the Thai baht were cited as factors supporting the export growth projections. Other supportive factors include an improvement in the containers shortage problem, trade opportunities online, the Regional Comprehensive Economic Partnership coming into effect on January 1, and Thailand’s continually growing border and cross-border trade values. Mr. Juring also expressed his belief that management of the Covid problem is improving globally despite the emergence of the Omicron variant.

According to the commerce minister, goods with healthy expansion tendencies are agricultural products; items relevant to working from homes, such as electrical appliances and household staples; medical supplies; and raw materials for export products, such as metal and plastic beads.

The minister addressed the opening of the China-Lao high-speed railway, which is expected to provide Thailand with an additional export channel to China, saying he will discuss the matter with relevant agencies in Nong Khai in January so businesses will be able to quickly make use of this new channel.