Thai exports beat forecast, soar by 12 percent in June

Exports, the prime engine of the Thai economy, surged into overdrive in June, rising by nearly 12 percent and beating forecasts by global economists as strong demand from overseas markets and the weaker Thai currency were keys to the robust performance.

A poll of economists by Reuters news agency predicted that Thailand’s exports would increase by 8.5 percent in June, after rising 10.5 percent in May. But the experts underestimated the Kingdom, with the actual figure coming in at 11.9 percent for June.

Year on year, shipments rose 12.7 percent during the first half of 2022. That is well above the Ministry of Commerce’s target of 4 percent export growth target for the entire year.

Minister of Commerce Jurin Laksanavisit said that a mix of factors contributed to the sustained strong growth in shipments. “Global food demand continues to rise, and production is increasing. A weak baht is a further boost to exports,” Jurin told reporters.

Exports of agricultural and agro-industrial products positively bloomed in June, registering a 24.5 percent increase, while industrial goods grew by 6.7 percent.

The U.S., a major market for Thailand, contributed to the positive performance, with shipments to Thailand’s ally rising by 12.1 percent compared to a year ago in June. Exports to Southeast Asia were even stronger, shooting up by 28.3 percent.

Photo courtesy of https://www.exim.go.th/en/Home.aspx