Thai exports beat forecasts, soaring by over 16 percent
Global supply chain disruptions could not stop Thailand’s sterling export performance as demand for the Kingdom’s goods and services drove a 16.2 percent surge in shipments in February this year, beating most analysts’ expectations.
Exports are the strongest pillar in Thailand’s economy, followed by investment and consumption. Although the government does not expect to see double-digit percentage increases for the entire year, the fast start out the gate in 2022 is a positive sign that the economy is on the right track and picking up momentum.
Thailand has been able to build a strong export-led economy because of the variety and diversity of the goods and services it produces. The Kingdom turns out computer chips and hard drives, next generation automobiles and parts, medical equipment, jewelry, garments and a cornucopia of food and agricultural commodities among other products.
For February, the Ministry of Commerce said that customs-cleared exports earned $23.48 billion, with imports rising by 16.8 percent to $23.35 billion, producing in a slight trade surplus of $123.3 million.
Manufacturing output also rose by 2.7 percent year on year, also topping expectations by analysts. Officials said that the easing of public health measures related to the coronavirus pandemic has helped factories raise production levels.
Thailand has been one of the few countries in the region that was able to keep its manufacturing, logistics and supply chains largely up and running during the difficult months of the pandemic.