Although Thailand’s exports have fallen for nine straight months, there is optimism for a turnaround in the second half of the year.
Because of significant trading partners like China and the US’s delayed economic recovery, Thailand’s exports have decreased for nine straight months.
Despite the downturn, Thai exports did relatively better than those of many other nations in the first half of the year, with an average monthly export value higher than the pre-COVID period.
With a predicted export growth of 1-2% for the entire year and attempts to restore border crossings and ease cross-border trade, there is optimism for a recovery in the second half of the year.
The Ministry of Commerce projects annual export growth of 1% to 2%. Exports fell by 6.4% in June while imports fell by 10.3%, creating a $57.7 million trade surplus.
Exports have decreased as a result of the weakening economies of Thailand’s trading partners as a result of rising interest rates and inflation. Thai exports, however, had a smaller decline in the first half of the year than those of many other nations.
The government anticipates a recovery in exports in the second half of the year, with a likely annual gain of 1-2%. In order to improve cross-border trade, efforts are also being made to reopen permanent border crossings.
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SOURCE: https://www.thailand-business-news.com
