Macroeconomics/export dropped in Nov

Editorial team

Thai exports in November 2022 decreased by 6 %

Thai exports in November 2022 amounted to US$ 22.30 billion (846.19 billion baht), a contraction by 6 %.

The Commerce Ministry reported that Thai exports have been affected by the slowdown in global economy, as higher prices and interest rates weigh on consumer purchasing power.

Commerce Minister Jurin Laksanawisit

 Moreover, the zero-COVID measures in China have affected manufacturing sector, as reflected by the Global Purchasing Managers’ Index (PMI) which was below 50 for three consecutive months while other Asian countries have also reported a drop in exports.

Thai exports of agricultural and agro-industrial products declined for two consecutive months with a contraction by 2%(YoY). Products that greatly expanded were fresh, chilled, frozen, and processed chicken (+20.9%), fresh, chilled, frozen, and dried fruits (+7.5%), wheat products and other processed food (+13.0%), sugar (+43.4%), drinks (+7.1%), and ice-cream (+7.4%). On the contrary, exports of some products decreased, namely, rice (-4.7%), rubber (-34.2%), pet food (-5.8%), canned and processed fruits (-.8%), and condiments (-15.0%).

For the first eleven months of 2022, the exports of agricultural and agro-industrial products expanded by 10.8 %.

Industrial product exports declined for two consecutive months with the rate of
-5.1 % (YoY). Products that continually expanded were automobiles, equipment, and parts (+5.5%), gems and jewelry (excluding gold) (+8.0%), air conditioners and components (+5.5%), fax machines, telephones, equipment, and parts (+91.0%), semiconductors, transistors and diodes(+73.1%), and motorcycles and components(+17.9%).

Meanwhile, exports of some products declined, such as oil-related products(-27.5%), computers and equipment (-20.9%),and iron, steel, and products (-16.0%). For the first eleven months of 2022, the exports of industrial products expanded by 6.5 %.

Exports to primary markets decreased by 5.5 %.

Exports to the China, Japan, ASEAN (5), and CLMV decreased by 9.9%,4.6%, 15.5% and 0.3% respectively, while exports to the US and EU (27) expanded by 1.2% and 0.4%.

Exports to secondary markets declined by 5.1 %. South Asia, Australia, Africa, Russia and CIS decreased by 16.0%.

Imports increased by 5.6 % to US$ 23.6 billion, resulting in a trade deficit of US$1,34 billion.

For the first eleven months of 2022, Thai exports expanded by 7.6 % to US$ 265.34 billion while imports rose by 16.3 % to US$280.43 billion, resulting in a trade deficit of US$15.08 billion.

For the first eleven months of 2022, Thai exports still expanded by 7.6 % and Thai exports of real sector (excluding gold, oil-related products, and weaponry) increased by 6.5 %.

There were positive factors, namely the continued decline in freight rates of US and Europe routes and the Ministry of Commerce’s strategies during the end of the year.