Macroeconomics / Thailand Exports

Editorial team

Thai exports in September grew by 7.8%

Thai exports in September 2022 continued to expand for the 19 th consecutive month with 7.8 % and amounted to US$ 24.19 billion.

The Commerce Ministry reported that Thai exports in September 2022 increased by 7.8 % to US$ 24.91 billion while imports increased by 15.6% to US$ 25.77 billion, resulting in a trade deficit of
US$ 853.2 million.

A major contribution was the exports of industrial products, reflected by The Thai Manufacturing Purchasing Manager’s Index (PMI) which hit a new record high of 55.7 in September.

Manufacturing activities and new export orders expanded well, especially for the export of automobiles, computers and electronics, driven by the rebound of processor chip supply in the region and the resulting acceleration in production to compensate for the previous shortage.

In addition, the baht's depreciation against major currencies and the continuous decline in the Shanghai Containerized Freight Index (SCFI) in Asian routes helped enhance competitiveness of Thai exports.

For the first nine months of 2022, Thai exports expanded by 10.6 % to US$ 221.36 billion while imports rose by 20.7 % to US$ 236.35 billion, resulting in
a trade deficit of US$ 14.98 billion.

Thai exports of agricultural and agro-industrial products rose for the 22 nd consecutive month with the growth rate of 1.8 %(YoY).

Products that expanded strongly were fresh, chilled, frozen, and processed chicken (+82.9%), canned and processed seafood (+19.8%), rice (+2.7%), pet food (+13.4%), sugar (+16.3%), frozen and dried fruits (+31.5%), and ice-cream (+43.2%). On the contrary, exports of some products decreased, namely, rubber(-7.7%),
and cassava products (-5.6%). For the first nine months of 2022, the exports of agricultural and agro-industrial products expanded by 13.7 %.

Industrial product exports increased for the 19 th consecutive month with the growth rate of 9.4 % (YoY). Products that greatly expanded were computer and equipment (+18.3%), automobiles, equipment, and parts (+8.4%), gems and jewelry (excluding gold) (+89.6%),
fax machines, telephones, equipment, and parts (+115.7%), air conditioners and components (+23.4%), motorcycles and components (+49.2 %), and travel equipment (+77.2%). Meanwhile, exports of some products declined, such as oil-related products (-10.4%), and Iron, steel, and products (-14.0%). For the first nine months of 2022, the exports of industrial products expanded by 9.0 %

Exports to primary markets expanded by 10.6 %. Exports to the US, ASEAN (5), CLMV,
and EU (27), expanded by 26.2%, 9.0%, 26.3%, and 18.0% respectively, while exports to China and Japan decreased by 13.2% and 1.7%.

Exports to secondary markets expanded by 2.9 %. Exports to Australia, Middle East, and Latin America grew by 15.5%, 47.5%, and 6.3% respectively, while exports to South Asia, Africa, and Russia and CIS declined by 11.5%, 11.7%, and 24.5%.

Exports to other markets decreased by 40.3 % as exports to Switzerland declined by 4.5%.