The Ministry of Commerce is confident that Thai exports will set a new record within the year after surpassing 93 billion USD over the past 6 months.
Commerce Minister Pornthiva Nakasai revealed that export volume in the first half of this year expanded by 36.6%, higher than the previously expected 23%. Total trade value now stands at 93.1 billion USD.
In June, the volume of exported agricultural products increased by 33.3% while that of automobiles, jewelry, and gold rose by 92.5%, 191.1%, and 534.6% respectively. The ministry expects the number to continue to escalate and hit even greater heights. This year’s forecasted export growth has been revised from 14% to 19% to a total of 183 billion USD. Thailand is expected to have a trade surplus of 10 billion USD this year.
Ms Pornthiva added that the government will be working closely with the private sector to drive exports to the new target. The ministry has instructed commerce envoys stationed in foreign markets around the world to study weaknesses in Thai products. The data will be used to develop strategies to promote Thai export in the future.
The investment market sector is backing revocation of the State of Emergency in the hopes of bolstering foreign investor confidence.
President of Asia Plus Securities Company Mr Kongkiat Opaswongkarn has voiced support for the revocation of the Emergency Decree. He said that the deactivation would reflect that the situation in Thailand has returned to normal.
Investment sentiment in the Thai stock market has improved continually. Positive turnover figures announced by registered companies have indicated the strength of the private sector’s foundation in the face of ongoing political conflict and global economic crisis. Mr Kongkiat believes that foreign capital will flow back into the share market if the turnover trend continues in the coming quarters as well the political and Map Ta Phut problems are settled.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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