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Hua Hin
Monday, June 5, 2023

Export sector saw substantial growth of 16.2% in February

Thailand’s export sector saw substantial growth of 16.2% in February, with the Ministry of Commerce now working closely with private businesses to manage the impact of the ongoing conflict in Ukraine.

Commerce Minister Jurin Laksanawisit said total exports in February were valued at US$23.48 billion, with the Russian market showing the highest growth at 33.4%.

Other export markets seeing high growth in February included five Southeast Asian nations at 31.5%, Hong Kong at 29.8%, and South Korea at 28.9%, with continuous growth recorded in other key markets such as the United States, China and Japan.

Overall, Thailand recorded a $123 million trade surplus in February.

The Ministry of Commerce is meanwhile closely monitoring the situation in Ukraine, which is expected to start impacting Thai trade this month.

A joint task force on commercial affairs involving the government and private firms recently convened to discuss changes in freight rates due to shifting shipping routes, port closures and rising fuel prices. They also saw an opportunity for Thai exports to perform better in markets relying on goods from Russia and Ukraine.

Poj Aramwattananont, Vice Chairman at the Board of Trade of Thailand, said fluctuations will create uncertainties surrounding the supply of capital goods and raw material, with dwindling supplies leading to rising goods prices.

He therefore suggested the sector begin pursuing newer import markets in advance.

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