Thailand’s export value hits record high in 2021. EIC anticipates that the export momentum will continue in 2022 due to various supporting factors.

Exports in December continued to surge.

The value of exports continued to soar by 24.2% in December amid the Omicron outbreak. Exports improved across the board, both in terms of key merchandise and destination. Meanwhile, in terms of the seasonally adjusted month-on-month growth, exports, excluding gold, also expanded by 4.2% from November as many countries have growing import demands during the year-end, reflecting from persistent Global Manufacturing PMI readings above 50. However, exports to Europe started to stall from the previous month, signaling the potential casualties from the outbreaks and lockdowns in various countries. Such situations warrant close monitoring.

 

Thailand’s export value hits record high in 2021.

In 2021, Thailand’s export value hits record high with 17.1% growth, the highest growth in 11 years. Factors that supported growth included the continuing recovery of global trade conditions and the weakening baht. Key markets that saw considerable growth were China and India. Meanwhile, key products with high growth were refined fuel, chemicals, and plastic beads.

  

Thailand’s strong export momentum should continue in 2022 due to various supporting factors.

In 2022, Thailand’s exports are expected to continue to expand. EIC evaluates that exports in 2022 should improve by 3.4% following the continuing recovery of global trade and economic conditions. Other notable drivers include the price of oil-related products that may increase, the depreciating baht trend, and the benefits from participating in the Regional Comprehensive Economic Partnership (RCEP) trade agreement that entered into force in early January 2022. However, risks from the Omicron outbreak and the prolonged supply bottlenecks warrant monitoring.