With the newest numbers indicating a 6% decline in exports for the month of November, it is clear that the global economic downturn is having an effect on Thailand. Yearly exports, meanwhile, have already surpassed projections, growing by 7.6% during the first 11 months of 2022.
Thailand’s trade minister, Jurin, announced that the country’s exports in November had a total value of $22.308 billion, down 6% from the same month in 2021. There has been a noticeable decrease in exports across all categories, but the agricultural and industrial sectors have been hit particularly hard.
and higher rates of inflation in many nations. However, the value of exports has increased by 7.6 percent in the eleven months beginning in January 2022, which is far over the 4% goal that had been set. Thailand’s exports brought in 9.16 trillion baht, much above the 9 trillion baht forecast for the whole year.
Five of the top ten fastest-growing export markets were located in the Middle East, with Iraq, Bahrain, and Saudi Arabia accounting for the largest percentage increases (215%, 153%, and 40.1%, respectively). While that was happening, the market in the UK increased by 22.2%, while the market in Laos increased by 21.3%.
Minister Jurin has warned that Thailand will have to weather slowing spending and global economic troubles in 2019. Demand for food is on the rise, and the expansion of digital and 5G networks is fueling increased interest in technological goods. There is hope that the January easing of China’s “Zero COVID” policy will also assist to improve Thai exports to China, particularly of agricultural products like fruits.
Meanwhile, in November, imports grew by 5.6% to a total value of $23.65 billion. A trade deficit of about $1.3 billion dollars results for Thailand as a result. There was a 16.3 percent increase in imports over the first 11 months of the year, bringing the total worth of these goods to more than $280 billion. The country of Thailand ran a trade imbalance of almost $15 billion during the same time period.