Thailand’s exports rise 20 percent in July
Bangkok, Aug. 24 (Xinhuanet) – Thailand’s exports rose 20.27 percent year over year in July, reflecting continued expansion for five consecutive months, the trade minister announced on Monday.
Trade Minister Jurin Laksanawisit told local media during the press conference on Monday that the healthy growth momentum was mainly driven by the continued global economic recovery in Thailand’s trading partners, mainly the United States, China and European countries.
The value of duty-paid exports was $ 22.65 billion, imports rose 45.9 percent to $ 22.47 billion, resulting in a trade surplus of $ 183.46 million.
The expansion in July was led by exports of agricultural and agro-industrial products, which rose 24.3 percent year over year.
Cooperation between the Ministry of Commerce and the private sector, the economic recovery among Thailand’s most important trading partners and the weakening Thai baht have increased the competitiveness of Thai products in the world market.
At the same time, rising oil prices also helped add value to exports of products in the supply chain network such as synthetic resins and export chemicals.
However, Jurin said the ongoing COVID-19 lockdown measures may have impacted the country’s manufacturing sector, particularly between August and September, due to the closure of some fruit factories and the inconvenient transportation of export routes from Thailand via Laos, Vietnam and China to Malaysia .
Exports are seen as a rare ray of hope in the Thai economy, especially during the ongoing COVID-19 crisis, as the country is struggling with an increase in infections due to the more easily transmissible Delta variant.
According to the National Economic and Social Development Council, the sector accounts for up to 70 percent of the country’s gross domestic product (GDP) in the pre-pandemic period.