The Commerce Ministry reported on April 26 that the customs-cleared value of the country’s exports in March grew by 19.5 percent to 28.8 billion USD, the highest level attained since records began in 1991, while imports rose by 18 percent to 27.4 billion USD, resulting in a trade surplus of 1.45 billion USD.

Thailand's exports in March jumped 19.5 per cent from a year earlier, a much faster pace than forecasts, helped by increased global production growth, lower freight rates, and a weaker baht, the commerce minister said on Tuesday (April 26). (Photo: Reuters)

In the first quarter of the year, Thai exports expanded by 14.9 percent to 73.6 billion USD, while imports rose by 18.4 percent to 74.5 billion USD, resulting in a trade deficit of 944 million USD.

According to Commerce Minister Jurin Laksanawisit, Thai exports in 2022 are expected to expand continuously as the impact of the Russia-Ukraine conflict -- including sanctions against Russia -- on Thai trade is quite limited due to the small share of trade between Thailand and both countries.

Various supporting factors include the opportunity to export more agricultural and food products to ensure food security in many countries as well as the opportunity to be a substitute for Russian and Ukrainian products. The utilisation of free trade agreements such as RCEP, along with the restoration of Saudi Arabia - Thailand relations would benefit Thai exports, especially in terms of rice, fresh, chilled, frozen and processed chicken, processed seafood, along with automobiles, equipment and parts.

Other supporting factors include the rising trend in food and commodity prices which would likely lead importers to accelerate imports in order to reduce the risk of volatility and higher prices as well as the depreciation trend of the Thai baht which is conducive to exports.

Source: VNA