According to data issued yesterday by the Commerce Ministry, Thai exports have been weak since the fourth quarter of 2021 and have fallen for six straight months. The fall in exports has been attributed to weak worldwide demand as well as delays in orders for electrical appliances and electronic equipment, two important Thai exports. According to Arkhom, growing international demand for Thai agricultural products has largely compensated industry decreases in other areas.
The majority of automakers claim that export production numbers are on schedule, but delivery of domestic orders is being delayed because of a scarcity of computer chips used in some higher-end vehicles.
Growth is being boosted, according to Arkhom, by the tourism industry’s stronger-than-expected rebound.
Revenue collection for the government is also exceeding expectations. According to Arkhom, the amount collected in the first five years of current fiscal year—October 2022 to February 2023—is larger than it was during the same time last year.
According to him, this increase in revenue enables the government to fund initiatives that will catalyze additional economic growth.
Geopolitical strife, increased oil prices, and rising interest rates in the US are potential hindrances to export growth, Arkhom continued.
