Thai exports rose robustly in July

Thailand’s exports soared by over 20 percent in July despite the current wave of COVID-19 outbreak that has affected some sectors, demonstrating the underlying strength and resiliency of the Thai economy.

Minister of Commerce Jurin Laksanawisit said that the increase was larger than expected and reflected a recovery in global demand. Other analysts also cited a slide in the value of the baht, Thailand’s currency, which made Thai goods more competitive in price. Market forces determined the relative value of the currency.

Exports are the strongest driver of the Thai economy. It has been the main driving force of the Thai economy this year as international travel reluctance from the COVID-19 situation has spread across the globe, including for incoming tourists to Thailand.

From agricultural to high-tech goods, Thailand’s diverse menu of exports contributes to their resiliency, providing a solid foundation for economic growth.

Most analysts are forecasting that Thailand’s exports will rise by 10 to 12 percent for the year. Through the first seven months of 2021, Thai exports expanded by 16.2 percent to $154.99 billion. Imports rose by 28.7 percent to $152.36 billion, producing a trade surplus of $2.62 billion.

The last month that Thai exports contracted was in February. Since then, shipments have risen steadily: 43.8 percent in June, 41.6 percent in May, 13.1 percent in April and 8.47 percent in March.

Fortunately, Thai exporters have been able to keep their goods moving despite a global shortage of shipping containers.